A bank acting as a bill acceptor charges a fee of 110 basis points on an issue of 90-day bank bills with a face value of $10,000,000.Given that the market yield at the time of issue was 5.35%, calculate the fee income (in $)for the bank.

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The Answer of A bank acting as a bill acceptor charges a fee of 110 basis points on an issue of 90-day bank bills with a face value of $10,000,000.Given that the market yield at the time of issue was 5.35%, calculate the fee income (in $)for the bank.

A Bank Acting as a Bill Acceptor Charges a Fee