What is the effective annual interest rate on this lending, Financial Management

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What is the effective annual interest rate on this lending

Come and Go Bank offers your firm a discount interest loan with an interest rate of 7 percent for up to $18 million, and in addition requires you to maintain a 2 percent compensating balance against the face amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate %

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Financial Management: What is the effective annual interest rate on this lending

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