Question: Aspiration Savings Association is considering finding a package of new loans in the amount of $400 million. Aspiration has projected that it must raise $450 million in order to have $400 million available to make new loans. It expects to raise $325 mil-lion of the total by selling time deposits at an average interest rate of 3.75 percent. Noninterest costs from selling time deposits will add an estimated 0.45 percent in operating expenses. Aspiration expects another $125 million to come from noninterest-bearing transaction deposits, whose noninterest costs are expected to be 5.25 per-cent of the total amount of these deposits. What is the Association's projected pooled-funds marginal cost? What hurdle rate must it achieve on its earning assets?