Question
We bought a 90-day commercial paper with a face value of $6,000,000 at 3.98% p.a. Question A. How much did we pay for it? (round
We bought a 90-day commercial paper with a face value of $6,000,000 at 3.98% p.a.
Question
A. How much did we pay for it? (round to 2 decimal point)
B. We hold the paper for 23 days and then sold it at a yield of 2.1% p.a. At what price did we sell? (round to 2 decimal point)
C. What rate of return (i.e. APR) did we earn over the holding period? (round to 2 decimal point)
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
