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Calculate the dollar amount of the discount

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Reference no: EM132493888

Bud Baxter is planning a $1 million issue of commercial paper to finance increased sales from easing the credit policy. The commercial paper note has a sixty day maturity and 6 percent discount yield.

Question : Calculate:

a. The dollar amount of the discount

b. The price

c. The effective annual interest rate for the issue

Reference no: EM132493888

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