Consider the following case study and attempt the following question.nMr. A (Manufacturer) agrees to supply Mr. B (Retail Trader) with goods if he accepts a 90 days bill for the full price i.e. $10,000. Mr. B agrees to do so. So, Mr. A draws the bill. The Bank pays to Mr. A the present value of the bill i.e. $10,000 for 90 days @15 per cent interest. i.e. $9625. Bank presents the bill on the due date and finally receives cash from Mr. B. What is the commission set aside by Bank in this discounted bill?

Consider the following case study and attempt the following question.n

1.	Consider the following case study and attempt the following question.nMr. A (Manufacturer) agrees to supply Mr. B (Retail Trader) with goods if he accepts a 90 days bill for the full price i.e. $10,000. Mr. B agrees to do so. So, Mr. A draws the bill. The Bank pays to Mr. A the present value of the bill i.e. $10,000 for 90 days @15 per cent interest. i.e. $9625. Bank presents the bill on the due date and finally receives cash from Mr. B. What is the commission set aside by Bank in this discounted bill?
A.	$654
B.	$422
C.	$300
D.	None of these
Answer» E.