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Calculate the proceeds of the sale for commercial bill

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Problem 1: You wish to sell a 240 day Commercial Bill that promises to pay $81,000 at maturity. The applicable simple interest rate is 7.01% per annum. If the sale occurs 82 days before maturity, calculate the proceeds (P) of the sale. Give your answer in dollars and cents to the nearest cent.

Reference no: EM132832844

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