Question
Ned used $98,303.259 to purchase a 180-day $100,000 bank bill on 1 May 2022. He sold this bank bill on 21 August 2022 at a
Ned used $98,303.259 to purchase a 180-day $100,000 bank bill on 1 May 2022. He sold this bank bill on 21 August 2022 at a yield rate of 4.77% p.a. (simple interest rate).
1. Calculate Neds purchase yield rate of this bank bill (simple interest rate p.a.). Express your answer as a percentage and rounded to two decimal places. Select the correct answer.
a. 3.50%
b. 3.52%
c. 4.77%
d. 5.62%
2. Calculate Neds sale price on 21 August 2022 (rounded to three decimal places). Select the correct answer.
a. $97,701.734
b. $98,697.277
c. $99,119.170
d. $99,157.703
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