Answer:
33) $8440
34) $67,964.62
Explanation:
33) The interest on 1 for 270 days is ...
... I = Prt = 1×0.09×(270/360) = 0.0675
so the proceeds from a loan with a face value of 1 will be
... 1 - 0.0675 = 0.9325
We want to find the face value of a loan with proceeds of $7870.30, so we need to solve the equation ...
... $7870.30 = P×0.9325
... P = $7870.30/0.9325 = $8440
34) The discount is computed from ...
... I = Prt = 70,000×0.063×(24/52) ≈ 2035.38
Then the amount Smith will pay for the T-bill is ...
... $70,000 -2035.38 = $67,964.62