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