Montreal Brewers is going to issue $50 million of 90-day commercial paper for net proceeds of $49
Question:
Montreal Brewers is going to issue $50 million of 90-day commercial paper for net proceeds of $49 million. Montreal Brewers must maintain a $50 million credit line, on which it must pay a standby fee of 0.2 percent. What is the commercial paper’s effective annual cost?
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