(15.) Magna Corporation has an issue of commercial paper with a face value of $1,090,000 and a maturity of six months. Magna received net proceeds of $1,062,674 when it sold the paper. What is the effective annual rate (EAR) of the paper to Magna? (Round to two decimal places)

(17.) The Signet Corporation has issued a four-month commercial paper with a $6.4 million face value. The firm netted $6,208,541 on the sale. What effective annual rate (EAR) is Signet paying for these funds? (Round to two decimal places)