Multiple Choice
Tangshan Mining issued $1,000,000 of commercial paper for $992,500 for 45 days. Based on this information, the effective annual rate of interest on the commercial paper would be ________ (assume 360 days in a year) .
A) 6.13%
B) 6.20%
C) 6.32%
D) 6.08%
Correct Answer:
Verified
Correct Answer:
Verified
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