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Calculate the annual risk-free rate on a T-bill that pays no coupon, matures in 320 days and pays $1,000 face value on its maturity. The

Calculate the annual risk-free rate on a T-bill that pays no coupon, matures in 320 days and pays $1,000 face value on its maturity. The T-bill trades in the spot market for $960. Use continuous compounding.

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