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Role of the acceptor in a bank accepted bill

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Reference no: EM133233519

Axis Limited issued a bank accepted bill to fund a short-term investment project. The bill was issued for 120 days, with a face value of $300,000 and a yield of 6.5% per annum. The bill was purchased by Andrews Ltd and after 50 days it was sold into the money market, at which time market yields had fallen to 5.7% per annum.

Required:

(a) What is the role of the 'acceptor' in a bank accepted bill?

(b) Calculate the amount Axis Limited would have raised upon issue of the bill.

(c) Calculate the amount Andrews Ltd would have sold the bill for.

Reference no: EM133233519

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