The time from acceptance to maturity on a bankers, Financial Management

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The time from acceptance to maturity on a bankers

The time from acceptance to maturity on a banker's acceptance (B/A) is 90 days. The importing bank's acceptance commission is 1%.

The B/A's discounted value at the time of acceptance is $1,000,000. What will be the 90-day B/A rate if the value at maturity is $1,034,000?

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Financial Management: The time from acceptance to maturity on a bankers

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