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FaJa Water issue $15 million in commercial paper that matures in 160 days at an interest rate of 11% per annum (deducted in advance). FaJas

FaJa Water issue $15 million in commercial paper that matures in 160 days at an interest rate of 11% per annum (deducted in advance). FaJas dealer charges an underwriting fee of 1.5% of the issue size. What was annual financing cost of this commercial paper for FaJa?

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