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A British bank plans to sell 5,000,000 of commercial paper in Frankfurt with a 90-day maturity and discounted to yield 4.6% per annum. What will

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A British bank plans to sell 5,000,000 of commercial paper in Frankfurt with a 90-day maturity and discounted to yield 4.6% per annum. What will be the immediate proceeds to the British bank? Assumptions Value Principal of Euro Commercial Paper issuance 5,000,000 Maturity (days) 90 Yield to maturity at issuanCe 6.000%

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