Bacon Signs Inc. has planned a 3-month issue of commercial paper with a face value of $15,000,000. The paper is set to sell at 99.5% of face value. What is the discounted selling price of the firm's commercial paper?
A) $14,925,000
B) $14,995,000
C) $15,000,000
D) $15,300,000
Answer: A
Explanation: A) Discounted selling price = Face Value × % of par = $15,000,000 × 0.995 = $14,925,000.
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