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A company is investigating the purchase of a banker’s acceptance (BA). The $1,000,000 face value BA has 150 days to maturity and is quoted at 4.05 percent on a discount-basis yield. If the company’s marginal tax rate is 25 percent, then the money market yield on the BA is closest to:
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9 l0 ~- u2 d& v( JA. 3.13%.! ?8 E Z8 U2 \6 c: \1 t# ]
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B. 4.12%.) ?$ g3 ]+ x" O) ^4 l
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C. 4.18%.! Q6 S1 E! N" h' u$ e
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