Question
Calculate the cost of discounting a $311,000 bankers' acceptance if it is due in 30 days and is sold at $307,915. Ignore bank fees. (Use
Calculate the cost of discounting a $311,000 bankers' acceptance if it is due in 30 days and is sold at $307,915. Ignore bank fees.(Use a Financial calculator to arrive at the answers. Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Effective annual yield %
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
