What amount will the company raise to fund the project, Project Management

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What amount will the company raise to fund the project

Problem

Harvey Norman issues a bank-accepted bill to pay to finance purchase of inventory. The bill is issued for 115 days, with a face value of $4 500 000 and a yield of 5.12 per cent per annum.

A. What amount will the company raise to fund the project?

B. After 27 days, the bank bill is sold by the original discounter into the secondary market for $4 447 326.50. The purchaser holds the bill to maturity. What is the yield received by:

a. The original discounter of the bill?
b. The holder of the bill at the date of maturity?

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