In 2008 a major bank in the US borrowed 10 million dollars for the US government at an annual rate of 0.50% compounded annually. They then used that money to purchase US government 30 year bonds that yield 4.65% compounded annually? How much did this cost the US taxpayers in the first year? [It will be the profit the bank makes]

write in N I% PV PMT FV P/Y C/Y FORM

Interest paid by Bank Interest earned by Bank