What is the effective annual rate ear of this financing for, Financial Management

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What is the effective annual rate ear of this financing for

The Treadwater Bank wants to raise $1.0 million using three-month commercial paper. The net proceeds to the bank will be $985,000.

What is the effective annual rate (EAR) of this financing for Treadwater?

The EAR of this financing is ___ %. (Round to one decimal place.)

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Financial Management: What is the effective annual rate ear of this financing for

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Financial Management: What is the effective annual rate ear of this financing for

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