The Treadwater Bank wants to raise $1.000,000 using three-month commercial paper. The net proceeds to the bank will be $987,000. 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 stx months. Magna received net proceeds of $971,081 when it sold the paper. What is the effective annual rate of the paper to Magna? Assume that the prime rate is 8.1% 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 6 (Round to two decimal places) The effective annual rate of the paper to Magna is%(Round to two decimal places) Treadwater saved S(Round to the nearest dollar Magna saved S (Round to the nearest dollar)