Multiple Choice
A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issuesold for $980,000 and has an annual interest rate of 12.24 percent. The value of the commercialpaper at maturity is ___________ .
A) $999,992
B) $19,992
C) $960,008
D) $980,000
Correct Answer:
Verified
Correct Answer:
Verified
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