Question

A six-month $3600 treasury bill sold for $3411. What was the simple annual discount rate?

Answer 1

one hundred eighty-nine dollars

Answer 2

0.9235%/month

Step by step explanation:

r = (1/6)((3600/3411) - 1) = 0.00923483

r = 0.00923483

Converting r decimal to R a percentage

R = 0.00923483 * 100 = 0.9235%/month