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b) Use formula PV = FV/(1+in) PV = Present Value FV = Future Value i = simple interest rate n = number of periods ANZ

b) Use formula PV = FV/(1+in)

PV = Present Value

FV = Future Value

i = simple interest rate

n = number of periods

ANZ supplies 91-day commercial bill finance to a customer. The face value of the bill is $100,000 and the nominal annual interest rate is 6.2%.

i) How much does the customer receive?

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