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 3.11% and 3.51% p.a., respectively. Note that any surplus funds after 180 days can be invested for 180 days at a rate of 3.81% p.a. simple interest.

a) Calculate the price of first bank bill. Round your answer to four decimal places.

a.

491492.4674

b.

490778.7381

c.

492939.7892

d.

492447.3419

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

a.

491001.4659

b.

490778.7381

c.

491492.4674

d.

491983.9598

c) What annual rate of simple interest will Jason earn on his 360-day investment? Express your answer in terms of percentage and round it to four decimal places

a.

3.2364%

b.

3.4425%

c.

3.3395%

d.

3.2938%