Calculate the cost of discounting a $100,000 bankers acceptance if it is due in 90...
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Accounting
Calculate the cost of discounting a $100,000 bankers acceptance if it is due in 90 days and is sold at $97,915. Ignore bank fees. (Use a Financial calculator to arrive at the answers. Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Cost of discounting %
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