Chapter 15. Question 9. 1-2 Part question.

Homework: Chapter 15 Homework Question 9, P15-18 (similar to) Part 1 of 2 HW Score: 0%, 0 of 10 points O Points: 0 of 1 Save Commercial paper. Criss Cross Manufacturers will issue commercial paper for a short-term cash intlow. Criss Cross must raise $5,950,000, and the paper will have a maturity of 182 days if this paper has a maturity value of $50,000 and is selling at an annual interest rate of 8.1%, what are the proceeds from each paper, that is what is the discount rate on the commercial paper? What is the discount rate on the commercial paper? % (Round to two decimal places)