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Moeco has issued some commercial paper with 6 months to repayment and a face value of $9.5 million and it just sold in the open-market

Moeco has issued some commercial paper with 6 months to repayment and a face value of $9.5 million and it just sold in the open-market for $3.2 million. What is the implied effective annual rate of return on Moeco commercial paper? (record your answer in percentage terms, for example if your answer is 3%, write "3")


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