The Treadwater Bank wants to raise $1,000,000 using three month commercial paper. The net proceeds to the bank will be $985000. Magna Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six months. Magna received net proceeds of $973,710 when it sold the paper. Assume that the prime rate is 0% APR compounded quarterly. How much dollar savings in interest did Treadwater and Mapa achieve by access the commercial paper marketint Do not round until you get to the final step Answer: The effective inual rate of this financing for Treadwater is (Round to two decimal places) The effective annual rate of the paper to Marah %. Round to two decimal places) Treadwater saved (Round to the nearest dollar) Magna saved $ (Round to the nearest dollar)