Letts commercial paper is currently selling at a discount. It sells for 98.09 of par and matures in 120 days.

Lett's commercial paper is currently selling at a discount. It sells for 98.09 of par and matures in 120 days. (Use 365 days a year. Do not round intermediate calculations. Round the final answers to 2 decimal places.) a. Calculate its yield as quoted in the market. Yield % b. Calculate its effective annual yield. Effective annual yield %