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A letter of credit was issued in favor of SM International on 12th December 2007. The L/C shows the

latest shipment date as "on or before 15th January".

Which of the following is the shipment date under this L/C?

(1)( ) 10th to 20th January.

(2)( ) 11th to 19th January.

(3)( ) Anytime before 15th January.

(4)( ) 9th to 21st January.

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