Foreign Sales BMW, a German buyer, opens an irrevocable letter of credit in favor of Goodyear, an…

Foreign Sales BMW, a German buyer, opens an irrevocable letter of credit in favor of Goodyear, an American seller, for the purchase of tires on BMW automobiles. BMW confirms the letter of credit with Goodyear's bank in New York , JPMorgan Chase. How will the seller obtain payment?

 

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