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Al - Yasmeen Company sold commercial papers and received cash of 9 7 8 , 0 0 0 riyals, while the commercial papers carry a

-

Yasmeen Company sold commercial papers and received cash of

978, 000

riyals, while the commercial papers carry a face value of

1

million riyals and a maturity period of

90

days.

Required:

2 .

If the investment bank charges

9, 612

riyals as a commission for marketing commercial papers, what is the effective interest rate?

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