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10,000 dollars worth of 270 day commercial paper carries an annual simple interest rate of 5% What is the EAR (effective annual rate) a. 3.90%

10,000 dollars worth of 270 day commercial paper carries an annual simple interest rate of 5% What is the EAR (effective annual rate)

a. 3.90%

b. 7.00%

c. 6.25%

d. 5.23%

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