The Treadwater Bank wants to raise $1,000,000 using three-month commercial paper. The net proceeds to the bank will be S988,000. What is the effective annual rate of this financing for Treadwater? 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 $977.714 when it sold the paper. What is the effective annual rate of the paper to Magna? Assume that the prime rate is 8.49 APR compounded quarterly. How much dollar savings in interest did Treadwater and Magna achieve by accessing the commercial paper market? The effective annual rate of this financing for Treadwater is % (Round to two decimal places)