Clemson University Urgently needed $30 million to properly execute a student testing plan during fall of 2020. Clemson approached by a commercial paper dealer offering to sell an issue for Clemson. The dealer indicates that Clemson could sell a $30 million issue maturing in 270 days at an interest rate of 8.5 percent per annum (deducted in advance). The fee to the dealer for selling the issue would be 1.5% of the issue size. What was annual financing cost of Clemson to secure large-scale testing?

A. 10.42%

B. 11.42%

C. 12.42%

D. 13.42%