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The Signet Corporation has issued four-month commercial paper with a $5.6 million face value. The firm netted $5,472,636 on the sale. What effective annual rate

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The Signet Corporation has issued four-month commercial paper with a $5.6 million face value. The firm netted $5,472,636 on the sale. What effective annual rate (EAR) is Signet paying for these funds? The effective annual rate is 11%. (Round to two decimal places.)

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