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A Firm Issues Three-Month Commercial Paper with a $1,000,000 Face

Question 102

Multiple Choice

A firm issues three-month commercial paper with a $1,000,000 face value and pays an EAR of 7.4%.What is the amount the firm receives?

A) $976,484
B) $981,836
C) $931,099
D) $982,318
E) $991,026

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