Jay purchased a 210-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.

(b) Assume that Jay sold this bank bill at a price of $98,900 and deposited all sale proceeds into an account to earn a simple interest rate of 5.9% p.a. up to the maturity date of the above bank bill. What is the annualised (simple interest) yield for this 210-day investment?

a.

0.05558

b.

0.05530

c.

0.03801

d.

0.05501