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A firm issues six-month commercial paper with $1M face value and receives $970,000. What is the EAR the firm is paying for these funds? A.

A firm issues six-month commercial paper with $1M face value and receives $970,000. What is the EAR the firm is paying for these funds?

A. 6.28%

B. 3.09%

C. 6%

D. 6.18%

E. 3%

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