*Part a) is correct need help with b).

In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: Pay 1.99 percent per quarter on any funds actually borrowed. Maintain a 2 percent compensating balance on any funds actually borrowed. Pay an up-front commitment fee of 0.21 percent of the amount of the line. Based on this information, answer the following: Ignoring the commitment fee. what is the effective annual interest rate on this line of credit? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).) Suppose your firm immediately uses $229 million of the line and pays it off in one year. What is the effective annual interest rate on this $229 million loan? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)