Freeman Corp, a large corporation, plans to issue 45-day commercial paper with a par value of $3,000,000. Freeman expects to sell the commercial paper for $2,947,000. Freeman's annualized cost of borrowing is estimated to be __ percent?

A) 14.39

B) 14.13

C) 14.59

D) 14.33

If someone could give me the correct answer as well as written out solutions it would be much apprecaited. thanks!