Multiple Choice
A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issue sold for $980,000 and has an annual interest rate of 12.24 percent. The value of the commercial paper at maturity is ________ (assume 360 days in a year) .
A) $19,992
B) $980,000
C) $1,000,000
D) $960,008
Correct Answer:
Verified
Correct Answer:
Verified
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