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life.com issued $10 million of commercial paper on April 1 on a nine-month note. interest was discounted at issuance at a 6% discount rate. what

life.com issued $10 million of commercial paper on April 1 on a nine-month note. interest was discounted at issuance at a 6% discount rate. what is the effective interest rate on the commercial paper?

Annual Rate Time Discount Principal 10,000,000 Calculation of discount $ % 9-month rate Conversion Factor Annual Effective Rato % Discount Proceeds

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