An Exporter Has Just Received a Banker's Acceptance Created by an International

question 7

Multiple Choice

An exporter has just received a banker's acceptance created by an international transaction. If the banker's acceptance has a face value of $250,000, current rates on banker's acceptances are 6%, and the bank charges a commission of 1% per annum, how much will the exporter receive if he sells the acceptance in the secondary market six months prior to maturity?

• A) $250,000
• B) $244,000
• C) $242,500
• D) $241,250

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