Luke purchased a 180-day $500, 000 bank bill on 1 January 2019 at a yield rate of 3.18% p.a. (simple interest rate). He sold this bank bill on 15 April 2019 at a yield rate of 3.06% p.a. (simple interest rate).

 Calculate the purchase price of the 180-day bank bill on 1 January 2019 (rounded to three decimal places) and the sale price of the 180-day bank bill on 15 April 2019 (rounded to three decimal places).

b. For purchase price part 0.5 mark for the number of days (180). 0.5 mark for the correct equation. 1 mark for the correct answer (only give 0.5 if the results has not been rounded to three decimal places). For sale price part 0.5 mark for the number of days of the remaining term (76). 0.5 mark for the correct equation. 1 mark for the correct answer (only give 0.5 if the results has not been rounded to three decimal places).
 

Here is the answer from a student b. Purchase price Sale price P = O a. 2 O b. 3 O c. 2.5 O d. 1.5. 500000 1+0.0318 180 365 500000 1+0.0306- 365 How many marks should we give for part b? P = = 492279.97 = 495678.23