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Category > Business & Finance Posted 22 Jul 2017 My Price 8.00

Michigan Medical Company Michigan Medical

Michigan Medical Company Michigan Medical Company has received an order for medical equipment to be exported to Turkey tinder the terms of a letter of credit issued by London Bank Corporation on behalf of the Turkish importer. The letter of credit specifies that the face value of the shipment. S12,000,000, will be paid nine months after London Bank Corporation accepts a draft drawn by Michigan Medical in accordance with the terms oldie letter of credit. The current discount rate on nine-month acceptances is 8% per annum, and Michigan Medical judges its weighted average cost of capital to be 16%. The commission for selling in the discount market is 1.5% of the face amount. How much cash can Michingan Medical expect from the sale if it holds the acceptance until maturity? Alternatively, should Michingan Medical sell the acceptance at a discount in U.S money market?

 

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Status NEW Posted 22 Jul 2017 12:07 PM My Price 8.00

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