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(7) An investor buys commercial paper with a 60 days maturity for $ 985,000. Par value is $1,000,000 and the investor holds it to maturity.

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(7) An investor buys commercial paper with a 60 days maturity for $ 985,000. Par value is $1,000,000 and the investor holds it to maturity. What is the annualized yield? (Assuming a year has 360 days) Explain and list all the necessary calculation steps. (12 points) Your

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