John purchased a 90-day $500,000 bank bill (at a simple interest rate) on 15 July 2021. The purchase price was $490,550. He sold this bank bill on 13 August 2021.

(a) What was his selling price, if he sold this bank bill at a yield of 3.85% p.a. (simple interest)? Round your answer to three decimal places.

a.

495298.061

b.

496803.444

c.

496855.517

d.

496751.382

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John purchased a 90-day $500,000 bank bill (at a simple interest rate) on 15 July 2021. The purchase price was $490,550. He sold this bank bill on 13 August 2021.

(b) Assume that John sold this bank bill at a simple interest rate of 3.85% p.a. up to the maturity date of the above bank bill. What is the annualised (simple interest) yield for this investment from 15 July 2021 to 13 August 2021? Round your answer to 3 decimal places in terms of percentage.

a.

15.639%

b.

16.045%

c.

14.843%

d.

16.479%