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pompa pompa
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4 years ago
Bessey Aviation has just sold an issue of 30-day commercial paper with a face value of $5,000,000. The firm has just received $4,958,000. What is the effective annual interest rate on the commercial paper?
Textbook 

Principles of Managerial Finance


Edition: 14th
Authors:
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UlainUlain
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4 years ago
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{($5,000,000 - $4,958,000)/$4,958,000} × 12 = 10.17%
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