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The United States Treasury borrows money on behalf of the federal government all the time. One type the government borrowing, called a Treasury Bills, promises
The United States Treasury borrows money on behalf of the federal government all the time. One type the government borrowing, called a Treasury Bills, promises a fixed payment at some number of months in the future. The Treasury receives less for a promise to make payment of $100 in the six months than does for promise to make a payment of $100 in three months. Why? Explain
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