The annualized yield on a risk$-$free $26-$week Treasury bill is $9$ percent.

A $2$ percent credit risk premium is needed to compensate investors for credit risk.

percent liquidity premium is needed to compensate investors due to the low liquidity of the Treasury bills.

A $0\mathrm{.}2$ percent tax adjustment is needed to compensate investors for a difference in tax status.

What is the appropriate yield to be offered on the commercial paper? Show work.

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