You are running a bank and a customer wants to deposit $10m into the bank starting...
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You are running a bank and a customer wants to deposit $10m into the bank starting in 244 days and ending in 366 days. You will pay interest on an ACT/360 basis and will set the rate at 0.40% below fair. Interest rates are: Days 244 366 Cont. Comp. Rates 3.01 3.65 What rate do you charge? Give your rate to 2 decimal places and enter 3.05% as 3.05. You are running a bank and a customer wants to deposit $10m into the bank starting in 244 days and ending in 366 days. You will pay interest on an ACT/360 basis and will set the rate at 0.40% below fair. Interest rates are: Days 244 366 Cont. Comp. Rates 3.01 3.65 What rate do you charge? Give your rate to 2 decimal places and enter 3.05% as 3.05.
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To determine the rate you should charge for the deposit you can use the concept of for... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
Posted Date:
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