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The Treasury Department auctioned 524 billion in 3-month bis in denominations of $10,000 at a discount rate of 4950% What would be the effective rate

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The Treasury Department auctioned 524 billion in 3-month bis in denominations of $10,000 at a discount rate of 4950% 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 site interest

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