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A company is investigating the purchase of a banker’s acceptance (BA). The $1,000,000 face value BA has 150 days to maturity and is quoted at 4.05 percent on a discount-basis yield. If the company’s marginal tax rate is 25 percent, then the money market yield on the BA is closest to:
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1 Z7 W7 u& V( e9 O2 u3 C: KA. 3.13%.1 B1 h2 m8 N& D# X1 y- |/ j" ^
, j f) a# g7 ], d/ S* eB. 4.12%.* R* J! x$ c) F* v% X& \: p; M: H8 R( P4 ]
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C. 4.18%.# O; v9 e$ P+ T' i: a
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