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:
A. 3.13%.
B. 4.12%.
C. 4.18%.
Answer: B
Money market yield = discount-basis yield × (face value / purchase price) Purchase price = face value – [face value × discount-basis yield × (days to maturity / 360)] = $1,000,000 – [$1,000,000 × 0.0405 × (150 / 360)] = $983,125 Money market yield = 4.05% × ($1,000,000 / $983,125) = 4.12%
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