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Lett's commercial paper is presently selling at a discount. It sells for 97.89 of par and matures in 120 days. (Use 365 days a year.

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Lett's commercial paper is presently selling at a discount. It sells for 97.89 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 1% b. Calculate its effective annual yield. Effective annual yield %

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