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Lett's commercial paper is presently selling at a discount. It sells for 97.99 of par and matures in 100 days. (Use 365 days a year.

Lett's commercial paper is presently selling at a discount. It sells for 97.99 of par and matures in 100 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______%

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