On 8 March 2014, JDF Investments Ltd purchased a bank bill maturing on 7 May 2014 at an annual yield of 6.95 per cent per annum. The bill had a face value of $1 million. On 23 March 2014, JDF sold the bill at a yield of 6.80 per cent per annum. Calculate

a) the purchase price paid by JDF

b) the sale price received by JDF

c) the dollar return earned by JDF

d) the simple annual interest earned by JDF

e) the effective annual interest rate earned by JDF