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What is the implicit effective annual interest rate of bill

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Reference no: EM132606456

To raise $485 000, a company draws up a bill of exchange with a face value of $500 000, payable in 180 days.

Question i) What is the implicit simple annual interest rate (yield) on the bill?

Question ii) What is the implicit effective annual interest rate of the bill?

Reference no: EM132606456

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