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

User Harshal Kalavadiya
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2 Answers

2 votes

Answer:

Exp5000000lanation:

User Jamesrom
by
7.9k points
5 votes
well, you just need to find it using this formula :

5,000 x [100 % - (3% x 91/365)]

= 5,000 x [ 100 % - 0.007479]

= 5,000 x 99.992521

= $ 4,962.50 >>> rounded

Hope this help
User Ernesto Campohermoso
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8.7k points
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