A firm has directly placed an issue of commercial paper that has a maturity of 60 days.
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A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issue sold for $980,000 and has an annual interest rate of 12.24 percent. The value of the commercial paper at maturity is ________ (assume 360 days in a year).
| $19,992 | |
| $980,000 | |
| $1,000,000 | |
| $960,008 |
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