An investor buys commercial paper with a 60-day maturity for $985,000. Par value is $1,000,000, and the investor holds it to maturity. What is the annualized yield?
A) 8.62 percent
B) 8.78 percent
C) 8.90 percent
D) 9.14 percent
E) 9.00 percent
Correct Answer:
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