Multiple Choice
Wyatt Oil has an issue of commercial paper with a face value of $10,000,000 and a maturity of three months.Wyatt received $9,800,000 when it sold the paper.The effective annual rate for this financing is closest to:
A) 5.6%.
B) 6.6%.
C) 7.2%.
D) 8.4%.
Correct Answer:
Verified
Correct Answer:
Verified
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