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6 January, 14:45

What would the purchase for a $5,000 91 - day T-bill paying 3% interest

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  1. 6 January, 15:24
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    You have to multiply the t-bill interest of 3% to the number of days which is 91, being 2.73.

    Next step, 2.73 must be divided by the number of days in a year which is 360 = 0.00758.

    Then, deduct 0.00758 from 2.73 which is 2.7224

    Lastly, multiply it to 1000 which will result to $2,722.44. That is the purchase price.
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