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The Treadwater Bank wants to raise $1.21 million using three-month commercial paper. The net proceeds to the bank will be $1,193,060. What is the effective

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The Treadwater Bank wants to raise $1.21 million using three-month commercial paper. The net proceeds to the bank will be $1,193,060. What is the effective annual rate (EAR) of this financing for Treadwater? The effective annual rate is [%. (Round to two decimal places.)

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