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The Treasury Department auctioned $11 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.150%. What would be the effective

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The Treasury Department auctioned $11 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.150%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.) Effective rate of interest %

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