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What amount does the borrow receive

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Problem 1: A bank accepts a company's 60-day bill with a face value of $5m for an acceptance fee of 110 bps, and sells it in the money market at 3.85%. What amount does the borrow receive?"

Group of answer choices

Option 1: " $4,977,499 "

Option 2: " $4,968,555 "

Option 3: " $4,959,643 "

Option 4: " $4,990,975 "

Option 5: " $5,000,000 "

Reference no: EM132984675

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