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Matt bought a 14 week t-bill for $5953.99 which has a maturity value of $6000.00. For what follows, assume simple interest with a 365 day

Matt bought a 14 week t-bill for $5953.99 which has a maturity value of $6000.00. For what follows, assume simple interest with a 365 day year.

a) What annual simple interest rate would Matt earn?

b) Suppose Matt sells the t-bill 40 days later to another investor who wishes to yield 3.10%. What price did the t-bill sell for?

c) What rate of return did Matt earn on his investment?

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