Historically, Treasury bills offered higher rates. On January 2, 2007, the discount rates were substantially higher than in July 2016. For the following Treasury bill bought in 2007, find (a) the price of the Treasury bill (T-bill), and (b) the actual interest rate paid by the Treasury. Assume 365 days in a year.

One-month $10,750 T-bill with simple annual discount rate of 4.37%

(al The price of the T-bill was $?

(Round to the nearest cent as needed.)

(b) The actual interest rate paid by the Treasury is ?%.

(Type an integer or decimal rounded to four decimal places as needed.)