Today is November 1 2021, Jason plans to make a 360-day investment using two consecutive 180-day $500,000 bank bills. The maturity proceeds of the first bill will be rolled over into the second bill. The purchase yields for the two 180-day bills will be 3.08% and 3.3% p.a., respectively. Note that any surplus funds after 180 days can be invested for 180 days at a rate of 3.94% p.a. simple interest.

b) Calculate the price of second bank bill. Round your answer to four decimal places.

a.

492485.3076

b.

490470.0988

c.

491501.8125

d.

491993.3143