1.The time from acceptance to maturity on a $2,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 1.25 percent and the market rate for 90-day B/As is 6 percent.Determine the bond equivalent yield the importer's bank will earn from discounting the B/A with the exporter.

2. The time from acceptance to maturity on a $1,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 3 percent and that the market rate for 90-day B/As is 5 percent.Determine the amount the exporter will receive if he holds the B/A until maturity.

I tried this question but don't know if I'm correct:$1,000,000 x (1- 0.035 x 90/90) = $965,000