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What effective annual rate of interest on commercial paper

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Problem 1: Tangshan Mining issued? $1,000,000 of commercial paper for? $992,500 for 45 days. Based on this? information, the effective annual rate of interest on the commercial paper would be? ________ (assume 360 days in a? year).

A. ?6.20%
B. ?6.08%
C. ?6.13%
D. ?6.32%

Reference no: EM132943282

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