Question: A company issues a bank-accepted bill to fund a short-term business project. The bill is issued for 90 days, with a face value of $2m

A company issues a bank-accepted bill to fund a short-term business project. The bill is issued for 90 days, with a face value of $2m and a yield of 7 per cent per annum. What amount will the company raise to fund the project?

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