Question
A bank bill with a face value of $500,000 was issued today and it matures in 90 days' time. If interest rates are 5.5% p.a.
A bank bill with a face value of $500,000 was issued today and it matures in 90 days' time. If interest rates are 5.5% p.a. what amount of cash does the issuer receive today?
Group of answer choices
$6,690.09
$493,309.91
$506,780.82
$500,000.00
$473,933.65
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
11th Edition
0321357965, 978-0321357960
