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May's Department Store issued 90-day, $200,000 commercial papers, discounted at 8%, to fund the additional cash needed during peak holiday sale period. Assuming a 360-day
May's Department Store issued 90-day, $200,000 commercial papers, discounted at 8%, to fund the additional cash needed during peak holiday sale period. Assuming a 360-day year for interest computations, the effective interest rate on these commercial papers is (round your final answer to two decimals) A. 8.16%. B. 8.05%. C. 8%. D. 2.04%
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Accounting By The First Public Company The Pursuit Of Supremacy
Authors: Warwick Funnell , Jeffrey Robertson
1st Edition
