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The time from acceptance to maturity on a $6,000,000 banker's acceptance is 360 days. The importing bank's acceptance commission is 2 percent and the market

The time from acceptance to maturity on a $6,000,000 banker's acceptance is 360 days. The importing bank's acceptance commission is 2 percent and the market rate for 360-day B/As is 3 percent.

Determine the amount the exporter will receive if he holds the B/A until maturity.

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