You've Worked Out a Line of Credit Arrangement That Allows

You've worked out a line of credit arrangement that allows you to borrow up to $55 million at any time.The interest rate is 0.55 percent per month.In addition,3 percent of the amount you borrow must be deposited in a non-interest-bearing account.Assume that your bank uses compound interest on its line-of-credit loans.Suppose you need $12 million today and you repay it in six months.How much interest will you pay?

A) $387,567
B) $413,902
C) $421,028
D) $441,414
E) $442,886