Question: Emily bought a 60-day commercial note with a face value of $1,000,000 at 4.5% p.a. (a). How much did she pay for it? (b). She

Emily bought a 60-day commercial note with a face value of $1,000,000 at 4.5% p.a.

(a). How much did she pay for it?

(b). She holds the note for 20 days and then sold it to Gaby at a yield 3.5% p.a.

At what price did she sell to Gaby?

(c ). What rate of return (APR or Nominal interest rate) did Emily earn over her holding period?

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