The rate on a particular money market instrument, quoted on…
The rate on a particular money market instrument, quoted on a discount basis, is 6 percent. The instrument has a face value of $50,000 and will mature in 60 days. What is its price?Note: You may choose one of the following options to submit your answers:Type your complete answer directly in the answer field on Blackboard, ORType only the final answer in the Blackboard field, write “see answer on scratch paper,” and show your handwritten work to the camera before proceeding to the next question.