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Magna Corporation has an issue of commercial paper with a face value of $ 1 comma 000 comma 000$1,000,000and a maturity of six months. Magna

Magna Corporation has an issue of commercial paper with a face value of $ 1 comma 000 comma 000$1,000,000and a maturity of six months. Magna received net proceeds of $ 973 comma 710$973,710when it sold the paper. What is the effective annual rate (EAR)of the paper toMagna?

The effective annual rate is nothing%.(Round to two decimalplaces.)

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