Question: A commercial paper note with $1 million par value and maturing in 60 days has an expected discount return (DR) at maturity of 6 percent.

A commercial paper note with $1 million par value and maturing in 60 days has an expected discount return (DR) at maturity of 6 percent. What was its purchase price? What is this note's expected coupon-equivalent (investment return) yield (IR)?

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