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The time from acceptance to maturity on a $2,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 1.25 percent and the market

The time from acceptance to maturity on a $2,000,000 banker's acceptance is 90 days. The importing bank's acceptance commission is 1.25 percent and the market rate for 90-day B/As is 6 percent.

Determine the amount the exporter will receive if he discounts the B/A with the importer's bank.

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