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1. Bank AZ accepts a spot deposit for Php 1,000,000.00 at 8.50% for 366 days from a multinational company. With 61 remaining days to maturity,

1. Bank AZ accepts a spot deposit for Php 1,000,000.00 at 8.50% for 366 days from a multinational company. With 61 remaining days to maturity, Bank AB sells the deposit to Bank AA at 9.75%. Calculate the secondary price of the certificate of deposit. Use 360 days per year.

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