An investor buys commercial paper with a 60-day maturity for $985,000. Par value is $1,000,000, and the investor holds it to maturity. What is the annualized yield?

A) 8.62 percent

B) 8.78 percent

C) 8.90 percent

D) 9.14 percent

E) 9 percent

IF someone could give the the answer as well as the worked out solution it would be much appeciated.