Gale corporation recently issued 270-day commercial paper, Financial Management

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Gale corporation recently issued 270-day commercial paper

Gale Corporation recently issued 270-day commercial paper with a face value of $100,000 and a simple interest rate of 11 percent per annum. Assuming there are 360 days in a year, what is the commercial paper's annual percentage rate (APR)? (Round your answer to two decimal places.) 12.25% 12.51% 11.72% 13.02% 11.99%

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