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Amalgamated Appliance Inc. has planned a 3-month issue of commercial paper with a face value of $25,000,000. The paper is set to sell at 98.5%

Amalgamated Appliance Inc. has planned a 3-month issue of commercial paper with a face value of $25,000,000. The paper is set to sell at 98.5% of face value. What is the 3-month interest rate?

2.17

6.08

1.52

3.04

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