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The time from acceptance to maturity on a $1,000,000 banker's acceptance is 60 days. The importing bank's acceptance commission is 1.00 percent and that the

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The time from acceptance to maturity on a $1,000,000 banker's acceptance is 60 days. The importing bank's acceptance commission is 1.00 percent and that the market rate for 60-day B/As is 5 percent. Determine the bond equivalent yield the importer's bank will earn from discounting the B/A with the exporter

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