9) The XYZ corporation intends to issue $25 million in commercial paper on February 3, 2018. The company has never used commercial paper before, but the company offering the issue has guaranteed the firm that it won't have any trouble getting the money. The commercial paper will mature in 270 days and charge interest at a rate of 11% annually. The business will also be required to pay costs totaling $150,000 to promote and sell the issue. What does the commercial paper actually cost XYZ company?

9) The XYZ corporation intends to issue $25 million in commercial paper on February 3, 2018. The company has never used commercial paper before, but the company offering the issue has guaranteed the firm that it won't have any trouble getting the money. The commercial paper will mature in 270 days and charge interest at a rate of 11% annually. The business will also be required to pay costs totaling $150,000 to promote and sell the issue. What does the commercial paper actually cost XYZ company