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A company plans to issue commercial paper to finance its short-term needs. The firm plans to issue $2,500,000 in 270-day maturity notes. The paper will

A company plans to issue commercial paper to finance its short-term needs. The firm plans to issue $2,500,000 in 270-day maturity notes. The paper will carry 8.75 percent rate with discounted interest and will cost this company $8,500 (paid in advance) to issue. What is the APR for the issue?

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