Question: This is all the information that has been given. A bankers' acceptance is discounted by Canmex Inc. at 98.71 of par. It matures in 60

This is all the information that has been given.

A bankers' acceptance is discounted by Canmex Inc. at 98.71 of par. It matures in 60 days. a. What is the cost to the company on a nominal basis? (Use 365 days a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual cost [ % b. What is the effective annual cost to the company? (Use 365 days a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual cost [ %

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