EBK FOUNDATIONS OF FINANCIAL MANAGEMENT
EBK FOUNDATIONS OF FINANCIAL MANAGEMENT
17th Edition
ISBN: 9781260464900
Author: BLOCK
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Chapter 21, Problem 10DQ
Summary Introduction

To explain: A letter of credit.

Introduction:

Letter of credit:

It is an instrument issued by a bank for a specified amount that guarantees that the seller will receive the payment from the buyer within the specified time.

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