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The Treadwater Bank wants to raise $1.07 million using three-month commercial paper. The net proceeds to the bank will be $1,058,230. What is the effective

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The Treadwater Bank wants to raise $1.07 million using three-month commercial paper. The net proceeds to the bank will be $1,058,230. What is the effective annual rate of this financing for Treadwater? %. (Round to two decimal places.) The effective annual rate is

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