A company wants to raise funds by issuing a 180-day $1,000,000 bank bill on 1 January 2017 at a yield rate of 6.45% p.a. (simple interest rate). The company incurs fees and charges amounting to $12,000.

b. Find the real cost (as a rate of simple interest % p.a., rounded to 2 decimal places) of raising the funds, allowing for the fees and charges payable at issuing.

Select one:

a. 6.52%

b. 9.07%

c. 6.45%

d. 2.46%