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Joe purchases 100 nominal of a 9-month government bill which is issued at a compound rate of discount of 5.3% p.a. and is redeemable at
Joe purchases 100 nominal of a 9-month government bill which is issued at a compound rate of discount of 5.3% p.a. and is redeemable at par. Joe sells the bill to Don after t months (0 < t < 9, t a real number) for a price of 97 and Don holds the bill until its maturity.
Calculate the value of t if both Joe and Don earned the same annual simple rate of interest on their transactions
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