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A 90-Day Promissory Note with a Face Value of $500

Question 22

Multiple Choice

A 90-day promissory note with a face value of $500 000 is issued at a yield of 7.789% per annum.Calculate its price.

A) $379 971.77
B) $419 442.84
C) $490 578.08
D) $490 711.67

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