Lett's commercial paper is presently selling at a discount. It sells for 97.29 of par and matures

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Lett's commercial paper is presently selling at a discount. It sells for 97.29 of par and matures in 120 days.
a. Calculate its yield as quoted in the market.
b. Calculate its effective annual yield.

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Related Book For  answer-question

Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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