Question
you just purchased a 91-day money market security. The security par value is $985,000. It is quoted at a discount rate of 4.25% on a
you just purchased a 91-day money market security. The security par value is $985,000. It is quoted at a discount rate of 4.25% on a 360-day year basis. What price did you pay for this security? Pick the closest answer.
| A. $944,844 | ||
| B. $924,355 | ||
| C. None of the choices | ||
| D. $937,826 | ||
| E. $974,418 |
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Fundamentals of Corporate Finance
Authors: Berk, DeMarzo, Harford
2nd edition
978-0132148238
