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On 21 March 2010, ABC Ltd purchased a bank bill maturing in 60 days time on 20 May 2010 for $988784.74. Face value of the

On 21 March 2010, ABC Ltd purchased a bank bill maturing in 60 days time on 20 May 2010 for $988784.74. Face value of the bill was $1 million. Two weeks later they sold the bill at yield of 6.75% p.a. Calculate:

a) The sale price received by ABC Ltd

b) The simple annual interest rate earned

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