Digital Access Incorporated needs $$288,960$ in funds for a project.

Assume the loan term is one year.

With a compensating balance requirement of $16$ percent, how much will the firm need to borrow?

Note: Do not round intermediate calculations.

Given your answer to part a and a stated interest rate of $10$ percent on the total amount borrowed, what is the effective rate on the $$288,960$ actually being used?

Note: Input your answer as a percent rounded to $2$ decimal places.