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270-Day Commercial Paper with a Face Value of $500,000 Was

Question 26

Multiple Choice

270-Day Commercial Paper with a face value of $500,000 was sold 206 days after it was issued at a price that would provide a simple rate of interest to the purchaser of 9.85%. What was the price?


A) $473,668
B) $508,636
C) $491,511
D) $527,796
E) $490,929

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