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Raymond purchased a 91-day T-bill with interest rate of 2.50% p.a. and a face value of $5,000. a. How much did Raymond pay for the
Raymond purchased a 91-day T-bill with interest rate of 2.50% p.a. and a face value of $5,000.
a. How much did Raymond pay for the T-bill?
Round to the nearest cent
b. After 46 days, Raymond sold the T-bill when the interest rate for this T-bill in the market increased to 2.75% p.a. What was the selling price?
Round to the nearest cent
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