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A 209-day T-bill is quoted at 3.4%. What is the price of this T-bill? Recall: The quote for a T-bill gives you the Bank Discount

A 209-day T-bill is quoted at 3.4%. What is the price of this T-bill?

Recall:

The quote for a T-bill gives you the Bank Discount Rate. And it is a percentage.

When using a bank discount rate, you need to use simple interest rate, 360 days to maturity, and the nominal value as the initial price.

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