A company receives proceeds of $1,119,274 from the sale of $1,150,000 worth of commercial paper.

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A company receives proceeds of $1,119,274 from the sale of $1,150,000 worth of commercial paper. The paper is outstanding for 95 days. If a 360-day year is used, the company's annual interest rate is closest to which of the following?

10.13%

10.27%

10.40%

10.54%

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A company receives proceeds of $1,119,274 from the sale of $1,150,000 worth of commercial paper.

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