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The Signet Corporation has issued four-month commercial paper with a $6 million face value. (Hint: How many four months in a year?) The firm netted

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The Signet Corporation has issued four-month commercial paper with a $6 million face value. (Hint: How many four months in a year?) The firm netted $5,840,000 on the sale. What effective annual rate (EAR) is Signet paying for these funds? (Hint: Do not round until you get to the final step.)

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