The Time from Acceptance to Maturity on a $6,000,000 Banker's

question 39

Essay

The time from acceptance to maturity on a $6,000,000 banker's acceptance is 360 days.The importing bank's acceptance commission is 2 percent and the market rate for 360-day B/As is 3 percent.
Calculate the amount the banker will receive if the exporter discounts the B/A with the importer's bank.

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Definitions:

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