Question
Emily bought a 60-day commercial note with a face value of $1,000,000 at 4.5% p.a. (a). How much did she pay for it? (b). She
Emily bought a 60-day commercial note with a face value of $1,000,000 at 4.5% p.a.
(a). How much did she pay for it?
(b). She holds the note for 20 days and then sold it to Gaby at a yield 3.5% p.a.
At what price did she sell to Gaby?
(c ). What rate of return (APR or Nominal interest rate) did Emily earn over her holding period?
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The Final Countdown
Authors: Mr. Aaron R Day ,Eileen Day
1st Edition
979-8394253164
