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An investor purchased a 182-day, $100 000 T-bill on its issue date. It yielded 3.85%. The investor held the T-bill for 67 days, then sold
An investor purchased a 182-day, $100 000 T-bill on its issue date. It yielded 3.85%. The investor held the T-bill for 67 days, then sold it for $98 853.84.
(a) What was the original price of the T-bill?
(b) When the T-bill was sold, what was its yield?
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