Question
Cardinal Investment is buying a 90-day bank bill today. The bill still has 50 days until maturity. The face value of the bill is $100,000.
Cardinal Investment is buying a 90-day bank bill today. The bill still has 50 days until maturity. The face value of the bill is $100,000. If the current market yield on this bill is 3% per annum, what is the price of the bill today?
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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
