On February 3, 2019, Genting Power Ltd., a service company headquartered in Kuala Lumpur, Malaysia, plans a commercial paper issue of RM28 million. The firm has never used commercial paper before but has been assured by the firm placing the issue that it will have no difficulty raising the funds. The commercial paper will carry a 270-day maturity and require interest based on a rate of 9 percent per annum. In addition, the firm will have to pay fees totaling RM250,000 to bring the issue to market and place it. What is the effective cost of the commercial paper to Genting Power Ltd.?