Question
A firm plans to issue 30 day commercial paper for $9,900,000. Par value is $1,000,000. What is the firms cost of borrowing? A)12.12percent B) 11.11percent
A firm plans to issue 30 day commercial paper for $9,900,000. Par value is $1,000,000. What is the firms cost of borrowing?
A)12.12percent
B) 11.11percent
C) 13 percent
D) 14.08 percent
E) 15.25 percent
If someone could give the the answer and the worked out solution it would be much appreciated. thanks!
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Finance Introduction To Institutions Investments And Management
Authors: Ronald W. Melicher, Edgar A. Norton
11th Edition
0470004460, 978-0470004463
