Asked by ALICE
YOU WANT TO BUY A TREASURY BILL WHOSE FACE VALUE IS $20000 IN 30 DAYS. THE INTEREST RATE IS 4.61%. HOW MUCH WILL YOU HAVE TO PAY FOR THE BILL?
Answers
Answered by
Henry
P = Po + P*r*t = 20,000
Po + Po*(0.0461/360)*30 = 20000
Po + 0.0038417Po = 20000
1.0038417Po = 20000
Po = $19,923.46 = Amt. paid.
Po + Po*(0.0461/360)*30 = 20000
Po + 0.0038417Po = 20000
1.0038417Po = 20000
Po = $19,923.46 = Amt. paid.
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