Criss-Cross has decided that it will need to raise more than $3,000,000 in commercial paper (see Problem 17). Criss-Cross must now raise $5,000,000, and the paper will have a maturity of 182 days. If this paper has a maturity value of $50,000 and is selling at an annual interest rate of 9%, what are the proceeds from each paper, that is, what is the discount rate on the commercial paper?
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