Multiple Choice
Commercial Paper with a face value of $1,000,000 issued at a discount rate of 7.5% simple interest has a term of 360 days. At what price was it issued?
A) $944,736
B) $1,000,000
C) $925,000
D) $1,073,973
E) $931,122
Correct Answer:
Verified
Correct Answer:
Verified
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