Effective annual rate of this financing for treadwater

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The Treadwater Bank wants to raise $1.0 million using three-month commercial paper. The net proceeds to the bank will be $985,000.

What is the effective annual rate (EAR) of this financing for Treadwater?

The EAR of this financing is ___ %. (Round to one decimal place.)

Reference no: EM131568708

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