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An investor purchased a 91-day T-Bill with a face value of $ 22,000 at a price that would yield a 3.5% simple interest rate of
An investor purchased a 91-day T-Bill with a face value of $ 22,000 at a price that would yield a 3.5% simple interest rate of return if the T-Bill is hold until maturity. (a) What price did the investor pay for the T-Bill? (b) Fifty-two days later, the investor sold the T-Bill to a second investor for $ 21,900. What rate of return did the first investor realize during his holding period (52 days)?
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