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
A. 6.13%.
B. 6.29%.
C. 6.24%.
D. 6.08%.
Answer:B
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
A. 6.13%. B. 6.29%. C. 6.24%. D. 6.08%.