A Company Issues a 90-Day Bill with a Face Value

question 103

Multiple Choice

A company issues a 90-day bill with a face value of $100 000,yielding 7.65% per annum.What amount would the company raise on the issue?

• A) $84 130.46
• B) $92 350.21
• C) $98 123.39
• D) $98 148.62