Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kaitlyn purchased a 91-day T-Bill that has a face value of $1330 and an interest rate of 3.48% p.a. In 46 days, she needed

Kaitlyn purchased a 91-day T-Bill that has a face value of $1330 and an interest rate of 3.48% p.a. In 46 days, she needed the money and therefore, sold the T-bill to another investor. The rate for this investment in the market was 1.2% at the time of the sale. Calculate his selling price. Round to the nearest cent. Answer:

Step by Step Solution

3.40 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Face Value of TBill 133000 Interest for 91days 1330 348 91 365 1154 Matur... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Engineering Economic Analysis

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

9th Edition

978-0195168075, 9780195168075

More Books

Students also viewed these Accounting questions