Question
Macy's Department Store issued 9-month, $200,000 commercial papers, discounted at 6%, to fund the additional cash needed during peak holiday sale period. The effective interest
Macy's Department Store issued 9-month, $200,000 commercial papers, discounted at 6%, to fund the additional cash needed during peak holiday sale period. The effective interest rate on these commercial papers is
A. 4.71%.
B. 6%.
C. 6.28%.
D. None of the above answers is correct.
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Walter B Meigs
5th Edition
007041551X, 9780070415515
