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show all working out/calculations (a) An NCD (Negotiable Certificates of Deposit) promises to pay $1 million in 45 days' time. If the current yield is

show all working out/calculations

(a) An NCD (Negotiable Certificates of Deposit) promises to pay $1 million in 45 days' time. If the current yield is 7% p.a. what is its market value today? [5 marks]

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