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Michael bought a 90-day commercial paper with face value of $10,000,000 at 3.4% p.a. He held the paper for 22 days and then sold it

Michael bought a 90-day commercial paper with face value of $10,000,000 at 3.4% p.a.

He held the paper for 22 days and then sold it at yield of 2.75% p.a.

  1. How much did Michael pay to purchase that commercial paper? Was it at discount or at premium?
  2. At what price did he sell it?
  3. What rate of return did Michael earn over his holding period?

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