The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. On Jan. 13, 2018, United Insulation Corporation negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20 million at the bank's prime rate. On Dec. 1, 2018, supported by the above credit line, United Insulation Corporation issued $10 million of commercial paper on a 3-month note. Interest was discounted at issuance at a 9% discount rate. How much is the effective interest rate for the $10 million commercial paper with the 9% discount rate? 7.24% 9.00% 9.21% 9.65%