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Magna Corporation has an issue of commercial paper with a face value of $1,360,000 and a maturity of six months. Magna received net proceeds of
Magna Corporation has an issue of commercial paper with a face value of $1,360,000 and a maturity of six months. Magna received net proceeds of $1,322,355 when it sold the paper. What is the effective annual rate of the paper to Magna? The effective annual rate is \%. (Round to two decimal places.)
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Auditing And Assurance Services Plus Pearson MyLab Accounting With Pearson EText
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
17th Global Edition
1292312106, 978-1292312101
