"Corporate Finance":Annual cost of trade credit
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Questions 1:
If a 90-day $10,000 US Treasury security is selling for $9,870, the discount-basis yield is closest to:
A 、5.27%.
B、 5.34%.
C、 5.20%.
Questions 2:
The annual cost of trade credit assuming a 365-day year for terms 3/10 net 40 is closest to:
A 、43.3%.
B 、44.9%.
C、 32.0%.
C is correct.
A is incorrect because it is the money market yield [= discount basis yield × ($10,000/$9,870)].
B is incorrect because it is the bond equivalent yield [= discount basis yield × ($10,000/$9,870) × (365/360)].
B is correct.
C is incorrect because the “number of days beyond discount” is set to 40.
A is incorrect because (1 + 3%) is the rate being compounded.
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