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QUESTION
ST is considering investing in a bill of exchange which has a face value of $1,000 and 91 days to maturity. The issue price of the bill is based on a...
ST is considering investing in a bill of exchange which has a face value of $1,000 and 91 days to maturity. The issue price of the bill is based on a discount yield of 6% per annum. What is the issue price of the bill assuming a 365 day year?
