Question: BE 1 3 - 5 Noninterest - bearing note; effective interest rate ( backslash ) LO 1 3 - 2 Life.com issued

BE 13-5 Noninterest-bearing note; effective interest rate \(\backslash \) LO13-2
Life.com issued \(\$ 10\) million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a \(6\%\) discount rate. What is the effective interest rate on the commercial paper?
BE 1 3 - 5 Noninterest - bearing note; effective

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