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3 . You enter into an agreement to sell 1 - year T - bills one year from now with total par value of $

3. You enter into an agreement to sell 1-year T-bills one year from now with total par value of $1 million. If you will sell the T-bills for $980,000, what is your profit from the future position if the 1-year yield one year from now is 5%?

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