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The time from acceptance to maturity on a $1,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 3 percent and that the

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The time from acceptance to maturity on a $1,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 3 percent and that the market rate for 90-day B/As is 5 percent. Calculate the amount the banker will receive if the exporter discounts the B/A with the importer's bank

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