Cost of commercial paper Commercial paper is usually sokat a discount Fan Corporation has just sold one of 116-day commercial paper with a face value of $12 million. The firm has received initial proceeds of $1,178,609 Notes Assume a 30-day year) a. What elective anal rate wil the firm pay for financing with commercial paper isuming that it is rolled over every 116 days throughout the year? t. If a brokerage foe of St1.872 was paid from the initial proceeds to an investment barker for saling the sun, what effective annual rate will the firm per auming that the paper is followevery 116 Gayathroughout the year? a. The effective erinual rate the firm will pay for financing we commercial paper, assuming that it is rolled over every 1 10 days throughout the year, 5 Round to bwo decimal place