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Demonstrate that the effective cost of funds for a $20 million 90 -day bank bill issue in June is the forward rate established in April

Demonstrate that the effective cost of funds for a $20 million 90 -day bank bill issue in June is the forward rate established in April (when 20 lune BAB futures are sold at 96.45 ), rather than the BBSW of 4.05% when the bills are issued in June

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