April 2009 Question 2 21. A 182-day government bill, redeemable at 100, was purchased for 96 at the time of issue and was later sold to another investor for 97.89. The rate of retum received by the initial purchaser was 5% per annum effective, (a) Calculate the length of time in days for which the initial purchaser held the bill. (b) Calculate the annual simple rate of return achieved by the second investor