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Magna Corporation has an issue of commercial paper with a face value of $1,430,000 and a maturity of six months. Magna received not proceeds of

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Magna Corporation has an issue of commercial paper with a face value of $1,430,000 and a maturity of six months. Magna received not proceeds of $1,399,627 when it sold the paper What is the effective annual rate (EAR) of the paper to Magna? The effective annual rate is 1% (Round to two decimal places)

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