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ANZ arranges financing for Super Duper Pty Ltd with a 90 day bank bill with a Face Value of $500,000.City Investments buy the bill when
ANZ arranges financing for Super Duper Pty Ltd with a 90 day bank bill with a Face Value of $500,000.City Investments buy the bill when it is first issued at a yield of 4.75% pa and sell it 30 days later to Prudential Investments at a yield of 4.55% pa.What price does Prudential Investments pay for the bill?
a. $494,211.63
b. $498,137.10
c. $496,288.04
d. $500,000.00
e.$496,126.14
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