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7.2 The auction price of 91-day commercial paper having a face (par) value of $1 million is $996,000. What is the quarterly yield on this

7.2 The auction price of 91-day commercial paper having a face (par) value of $1 million is $996,000. What is the quarterly yield on this bill (you can assume that there are 91 days in a quarter)? The annual yield? What is the yield on a discount basis?

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