Dental Bright Manufacturing Company is going to issue a 270-day commercial paper to raise $70 million. It anticipates a discounted interest rate of 12 percent and dealer placement costs of approximately $40,000. What is the annual percentage rate of credit (APR) to Dental Bright? (Assume 360-days a year)

(a.11.12%; b.15.98%; c.22.67%; d.19.23%)