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The Treadwater Bank wants to raise $1.29 million using three-month commercial paper. The net proceeds to the bank will be $1,274,520. What is the effective

The Treadwater Bank wants to raise

$1.29 million using three-month commercial paper. The net proceeds to the bank will be $1,274,520.

What is the effective annual rate of this financing for Treadwater?

The effective annual rate is

enter your response here%._________

(Round to two decimal places.)

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