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The Signet Corporation has issued four-month commercial paper with a $5.9 million face value. The firm netted $5,761,114 on the sale. What effective annual rate

The Signet Corporation has issued four-month commercial paper with a $5.9 million face value. The firm netted $5,761,114 on the sale. What effective annual rate (EAR) is Signet paying for these funds?

The EAR of this paper to Signet is _____%. (Round to one decimal place)

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