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Calculate the bond equivalent yield on commercial paper

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Reference no: EM133122813

Suppose a company purchases $10 million of 180-day commercial paper issued by KING Capital, a large finance company, for a price of $9,915,982. Calculate the bond equivalent yield on the commercial paper. Please round the final answer to three decimal places in percentage form. (Write the percentage sign in the "units" box)

Reference no: EM133122813

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