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Category > Accounting Posted 28 Apr 2017 My Price 2.00

he Treadwater Bank wants to raise $1 million

The Treadwater Bank wants to raise $1 million using three-month commercial paper. The net proceeds to the bank will be $985,000. What is the effective annual rate of this financing for Treadwater?

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Alpha Geek
(8)
Status NEW Posted 28 Apr 2017 11:04 AM My Price 2.00

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file 1493380492-Answer.docx preview (46 words )
T-----------he -----------Tre-----------adw-----------ate-----------r B-----------ank----------- wa-----------nts----------- to----------- ra-----------ise----------- $1----------- mi-----------lli-----------on -----------usi-----------ng -----------thr-----------ee------------mon-----------th -----------com-----------mer-----------cia-----------l p-----------ape-----------r. -----------The----------- ne-----------t p-----------roc-----------eed-----------s t-----------o t-----------he -----------ban-----------k w-----------ill----------- be----------- $9-----------85,-----------000-----------. W-----------hat----------- is----------- th-----------e e-----------ffe-----------cti-----------ve -----------ann-----------ual----------- ra-----------te -----------of -----------thi-----------s f-----------ina-----------nci-----------ng -----------for----------- Tr-----------ead-----------wat-----------er?----------- A-----------nsw-----------er ----------- Le-----------t t-----------he -----------3-m-----------ont-----------h i-----------nte-----------res-----------t r-----------ate----------- is----------- X -----------So,----------- 98-----------500-----------0*(-----------1+X-----------)=1-----------000-----------000----------- or----------- , -----------X=(-----------100-----------000-----------0/9-----------850-----------00)------------1 -----------0.0-----------152----------- or----------- X=-----------1 -----------
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