The quoted yield is 3% for 30 day commercial paper and 3.5% for 91day commercial paper (as per the bond equivalent quotation) Sophia wants to invest in this money market instrument IN 30 days and FOR 31 days. What is the quoted expected 31 day commercial paper rate 30 days from now

(chose the closest answer)

A. 7.31%

B. 3.96%

C. 7.09%

A. None of the above

PLEASE SHOW WORK

DO NOT POST ANSWER IS 3.96 AND NOT SHOW WORK I WANT TO UNDERSTAND HOW TO CALCULATE NOT JUST HAVE THE ANSWER THANKS