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Bejeweled Enterprises received initial proceeds of $981,000 from issuing 120-day commercial paper. The face value of the commercial paper is $1 million. The commercial paper

Bejeweled Enterprises received initial proceeds of $981,000 from issuing 120-day commercial paper. The face value of the commercial paper is $1 million. The commercial paper is rolled over every 120 days throughout the year. (Note: Use a 365-day year.) Calculate the effective annual rate the firm will pay for financing with commercial paper.

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