Magna Corporation has an issue of commercial paper with a face value of $1 million and a
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Magna Corporation has an issue of commercial paper with a face value of $1 million and a maturity of six months. Magna received net proceeds of $973,710 when it sold the paper. What is the effective annual rate of the paper to Magna?
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Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780135811603
5th Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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