Assume the time from acceptance to maturity on a $5,000,000 banker’s acceptance is 90 days. Further assume that the importing bank’s acceptance commission is 1.5 percent and that the market rate for 90-day B/As is 6.0 percent. Calculate the amount the exporter will receive if he discounts the B/A with the importer’s bank.

A. $4,009,375
B.  $4,906,250
C. $4,981,750
D. none of the options

B.  $4,906,250