Jay purchased a 120-day $100,000 bank bill (at a simple interest rate) on 15 March 2021. The purchase price was $98,500. He sold this bank bill on 23 April 2021.

(a) What was his selling price, if he sold this bank bill at a yield of 4.39% p.a. (simple interest)?

a.

99046.98

b.

99023.39

c.

98962.03

d.

99035.18