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Suppose Ithmaar Bank has BD20 million for lending for 30 daysto Inter Bank Market. Inter...

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Finance

Suppose Ithmaar Bank has BD20 million for lending for 30 daysto Inter Bank Market. Inter Bank market refers to a market where like minded banks can mutually lend borrow for immediate needs. In this Inter Bank MarketSalam Islamic Bank needs to borrow exactly BD 20 million for 30 days. Both parties agree to 60:40 profit sharing in favor of Ithmaar Bank. Now Al Salam Islamic Bank declares a gross profit of 5and agrees to pay the same 5profit to bank for borrowing BD20 million and Ithmaar Bank agrees. Required: How much Ithmaar bank will earn on this Investment? Show your work

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