Nelsons Limited has issued a bank-accepted bill to fund a short-term investment project. The bill is issued for 90 days, with a face value of $100,000 and a yield of 5.75% p.a. The bill was purchased by Arial Ltd and after 40 days it is sold into the money market, at which time market yields have fallen to 4.25%. (a) Describe the role of the 'endorser' in a bank accepted bill. (2 marks) (b) Calculate the amount Nelsons Limited would have raised upon issue of the bill. (3 marks) (c) Calculate the amount Arial Ltd would have sold the bill for. (3 marks) (d) What profit/loss in dollar value did Arial Ltd make? (2 marks)