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Magna Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six months

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Magna Corporation has an issue of commercial paper with a face value of $1,000,000 and a maturity of six months. Magna received net proceeds of $973,710 when it sold the paper. What is the effective annual rate? (EAR) of the paper to? Magna?

The EAR of this paper to Magna is ?%.