Life.com issued $4 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 10% discount rate. 1. Calculate the discount on the commercial paper. 2. Calculate the effective interest rate on the commercial paper. Complete this question by entering your answers in the tabs below. Discount Effective Rate Calculate the effective interest rate on the commercial paper. Note: Do not round intermediate calculation. Enter your answers in whole dollars. Round "Effective Interest Rate" to 1 decimal place. (i.e., 0.123 should be entered as 12.3), Discount Proceeds 9-month rate 30,000 Conversion Factor 12/9 Effective Interest Rate < Discount Effective Rate >