2. Money market instruments: Commercial paper Which of the following are typical commercial paper maturities? Check all that apply. 1 day 20 days 270 days 350 days Which of the following are characteristics of commercial paper? Check all that apply. Their maturities are normally between 1 and 20 years. Activity in their secondary market is low. Common investors in these securities are households, firms, and financial institutions. Their denominations are typically in multiples of $1 million. Suppose Carlos purchases a 25-day commercial paper with a par value of $1,000,000 for a price of $995,000. If Carlos holds the commercial paper until maturity, and you assume a 360 day year, then the annualized yield is: 6.59% 7.24% 7.46% 7.67%