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Question 16 Company A wants to raise $1,000,000 using three-month commercial paper. The net proceeds to the bank will be $989,526. What is the effective

Question 16

Company A wants to raise $1,000,000 using three-month commercial paper. The net proceeds to the bank will be $989,526. What is the effective annual rate of this financing for the company?

NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.

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