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Letts commercial paper is presently selling at a discount. It sells for 98.09 of par and matures in 120 days. (Use 365 days a year.

Letts commercial paper is presently 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 7.11 %

b. Calculate its effective annual yield. Effective annual yield

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