Multiple Choice
A firm issued $2 million worth of commercial paper that has a 90-day maturity and sells for $1,900,000. The annual interest rate on the issue of commercial paper is ________ (assume 360 days in a year) .
A) 5.26 percent
B) 10 percent
C) 17.77 percent
D) 21.05 percent
Correct Answer:
Verified
Correct Answer:
Verified
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