To qualify as official development assistance (ODA), development loans which are concessional in nature must have a grant element of at least 25 percent, calculated using a stated annual interest rate of 10 percent. Suppose Canada Infrastructure Bank has decided to consider a development loan to Argentina, Qatar World Cup Champion 2022, for its sports infrastructure development. The loan under consideration is as follows: $50,000,000 to be amortized over 8 years by 16 semi-annual payments, after a grace period of 5 years during which only interest would be paid semi-annually. This loan would charge interest at a stated annual rate of 6 percent. 1) II) Determine whether this loan would qualify as ODA. What is the maximum interest rate that could be charged for this loan to qualify as ODA? Note: Show all working steps clearly. (Important Note: Use a rate of 5% or 7% if you want to decrease or increase the subsidized rate for the calculation of maximum rate. Justify the change of your rate.)