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4. Goodwill Electronics is considering the issuance of 270-day commercial paper to finance current inventory needs. The firm plans to issue $2.5 million of paper,

4. Goodwill Electronics is considering the issuance of 270-day commercial paper to finance current inventory needs. The firm plans to issue $2.5 million of paper, which will sell for 2.3 million. What is the effective annual cost of this commercial paper?

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