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Q) A bank bill with a face value of $500,000 was issued today and it matures in 90 days' time. If interest rates are 5.25%

Q) A bank bill with a face value of $500,000 was issued today and it matures in 90 days' time. If interest rates are 5.25% p.a. what amount of cash does the issuer receive today?

a. $506,472.60 b. $475,059.38 c. $500,000.00 d. $6,389.88 e. $493,610.12

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