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B. A forward contract covering a $10 million face value of T-bills that will have 100 days to maturity at contract settlement is priced at

B. A forward contract covering a $10 million face value of T-bills that will have 100 days to maturity at contract settlement is priced at 1.96 on a discount yield basis. Compute the dollar amount the long must pay at settlement for the T-bills.

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