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If the XYZ Co. plans to sell some 270 day commercial paper at a 9% per annum discounted and is expected to have $550,000 in

If the XYZ Co. plans to sell some 270 day commercial paper at a 9% per annum discounted and is expected to have $550,000 in dealer placement fees, what is the effective rate of a $120,000,000 issue

***Please use 360 days in a year***

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