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Problem 8 - 2 9 Calculate the cost of discounting a $ 1 0 0 , 0 0 0 bankers' acceptance if it is due

Problem 8-29
Calculate the cost of discounting a $100,000 bankers' acceptance if it is due in 90 days and is sold at $97,915. Ignore bank fees. (Use a Financial calculator to arrive at the answers. Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Cost of discounting %
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