VenezaCot Co. of Caracas, Venezuela, has received an order for 50,000 cotton towels from JapoImp Co. of Tokyo, Japan. The towels will be exported to Japan under the terms of a letter of credit issued by a Japanese bank on behalf of JapoImp Co. The letter of credit specifies that the face value of the shipment, 8,000,000, will be paid 60 days later, after the Japanese bank accepts a draft drawn by VenezaCot Co. in accordance with the terms of the letter of credit. The current discount rate on two-month bankers' acceptance is 7.5% per annum, and VenezaCot Co. estimates its weighted average cost of capital to be 28% per annum. The commission for selling a bankers acceptance in the discount market is 2.5% of the face amount. How much cash will VenezaCot Co. receive from the sale if it holds the acceptance until maturity? Do you recommend that VenezaCot Co. hold the acceptance until maturity or discount it at once in the Japanese bankers' acceptance market?