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 11.75 percent rate with discounted interest and will cost this company $15,500 (paid in advance) to issue. What is the APR for the issue?

4.24%
		13.89%
		11.05%
		9.89%
		12.27%