the correct answer is given in the picture. please show me the steps to arrive at the given answer

answered Answer You would like to borrow 47,924 dollars for 1 year. Interest compounds annually, but it is pre-paid. You are quoted an interest rate of 15 %. There is also a compensating balance of 7 % associated with the loan. What is the effective interest rate of the loan to the nearest.1% (note if you calculate .065 or 6.5%, your answer should 11.61 19.23 margin of error 0.3 1. It's both interest pre-paid and compesating balance. 2. the answer is in % form, so a math answer of .021 should be entered as "2.1