For this problem we would be using the 99 days. For the question don"t refer to the 114 days, instead it would be 99 days

Cost of commercial paper Commercial paper is usually sold at a discount. Fan Corporation has just sold an issue of 99-day commercial paper with a face value of $1.4 million. The firm has recelved initial proceeds of $1,383,208. (Note: Assume a 365-day year.) a. What effective annual rate will the firm pay for financing with commercial paper, assuming that it is rolled over every 99 days throughout the year? b. If a brokerage fee of $13,707 was paid from the initial proceeds to an investment banker for selling the issue, what effective annual rate will the firm pay, assuming that the paper is rolled over every 99 days throughout the year? a. The effective annual rate the firm will pay for financing with commercial paper, assuming that it is rolled over every 114 days throughout the year, is \%. (Round to two decimal places.) b. The effective annual rate the firm will pay with the brokerage fee, assuming that the paper is rolled over every 114 days throughout the year, is \%. (Round to two decimal places.)