P 20-16 (similar to) Question Help The Treadwater Bank wants to raise $1,000,000 using three month commercial paper. The net proceeds to the bank will be $986,000 What is the effective annual rite of this financing for Treadwater? Magna Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six months Magna recewed nel proceeds of $978,967 when it sold the paper What is the effective annual rate of the paper to Magna? Assume that the prime rate is 83% APR compounded quarterly How much dollar savings in interest did Treadwater and Magna achove by accessing the commercial paper market? The effective annual rate of this financing for Treadwater is L% (Round to two decimal places)