You are interested in executing a Murabaha contract to meet your business needs. The financing amount...

  

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You are interested in executing a Murabaha contract to meet your business needs. The financing amount is AED. 54 million. The bank accepted your offer of a profit rate of 1% per annum. The tenor of the contract is one year. The entire Murabaha price will be paid in 3 equal installments? What will be the value of each installment? Note: Please write your final answer(amount of one installment) in the box below. Please write your detailed calculation steps for calculations in the space provided in the next question You are interested in executing a Murabaha contract to meet your business needs. The financing amount is AED. 54 million. The bank accepted your offer of a profit rate of 1% per annum. The tenor of the contract is one year. The entire Murabaha price will be paid in 3 equal installments? What will be the value of each installment? Note: Please write your final answer(amount of one installment) in the box below. Please write your detailed calculation steps for calculations in the space provided in the next question