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What amount will the exporter receive

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Question - The time from acceptance to maturity on a $1,000,000 banker's acceptance is 90 days. The importer's bank's acceptance commission is 2.25% and the market rate for 90-day B/As is 6.00%. What amount will the exporter receive if he discounts the B/A with the importer's bank?

Reference no: EM132560126

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