Gale Corporation recently issued 270-day commercial paper with a face value of $100,000 and a simple interest rate of 11 percent. Assuming there are 360 days in a year, what is the commercial paper's annual percentage rate (APR)? The firm incurs no transaction costs to issue the commercial paper.
A. 11.99%
B. 6.74%
C. 11.00%
D. 8.25%
E. 8.99%
Answer: A
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