**Question 157** bill pricing, simple interest rate, no explanation

A 90-day Bank Accepted Bill has a face value of $1,000,000. The interest rate is 6% pa and there are 365 days in the year. What is its price?

Scores | |

keithphw | $6,001.61 |

Jade | $1,815.80 |

Chu | $789.98 |

royal ne... | $750.00 |

Leehy | $713.33 |

Visitor | $650.00 |

JennyLI | $625.61 |

Visitor | $590.00 |

Visitor | $550.00 |

Visitor | $550.00 |

Visitor | $540.00 |

ZOE HY | $540.00 |

Visitor | $500.00 |

Yizhou | $489.18 |

Visitor | $464.70 |

Visitor | $460.00 |

Visitor | $460.00 |

Jasper.sun | $460.00 |

Visitor | $442.43 |

niki,zhang | $440.00 |

**Question 157** bill pricing, simple interest rate, no explanation

A 90-day Bank Accepted Bill has a face value of $1,000,000. The interest rate is 6% pa and there are 365 days in the year. What is its price?

Copyright © 2014 Keith Woodward