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A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issue sold for $980,000 and has an

A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issue sold for $980,000 and has an annual interest rate of 12.24 percent. The value of the commercial paper at maturity is ________ (assume 360 days in a year). (1 point)

$19,992
$980,000
$1,000,000
$960,008

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