Gale Corporation recently issued 270-day commercial paper with a face value of $100,000 and a simple interest rate of 11 percent per annum. Assuming there are 360 days in a year, what is the commercial paper's annual percentage rate (APR)? (Round your answer to two decimal places.)?
A. ?11.99%
B. ?12.25%
C. ?11.72%
D. ?12.51%
E. ?13.02%
Answer: A
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