In exchange for a $$580$ million fixed commitment line of credit, your firm has agreed to do the following:

Pay $2$ percent per quarter on any funds actually borrowed.

Maintain a $3$ percent compensating balance on any funds actually borrowed.

Pay an up$-$front commitment fee of $\mathrm{.}17$ percent of the amount of the line.

Based on this information, answer the following:

a$.$ Ignoring the commitment fee, what is the effective annual interest rate on this line of credir?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ Suppose your firm immediately uses $$250$ million of the line and pays it off in one year. What is the effective annual interest rate on this $$250$ million loan?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

a$.$ Eflective annual interest rate

b$.$ Iffective annual inferest rate