Life.com issued $8 million of commercial paper on April 1 on a nine-month note. Interest was discounted at iss uance at a 12% discount rate Complete the below table to calculate the effective interest rate on the commercial paper. (Enter your answers in whole dollars. Round "Annual Effective Rate" to 1 decimal place. (i.e., 0.123 should be entered as 1.23).) Annual Principal xRate xTime Discount Calculation of discount$ 8,000,000 x 121% x 9/12 $ 720,000 9-month rate Conversion Factor 12/9 Annual Effective Rate Discount$ 720,000 Proceeds 0%