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The treadwater Bank wants to raise $1,000,000 using three-month commercial paper. The net proceeds to the bank will be $980,400. Mario Corporation has an issue

The treadwater Bank wants to raise $1,000,000 using three-month commercial paper. The net proceeds to the bank will be $980,400. Mario Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six-months. Super received net proceeds of $967,120 when it sold the paper. Assume that the prime rate is 9% APR, compounded semi-annually. How much dollar savings in interest did Super and Mario achieve by accessing the commercial paper market?

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