b. Bank Islam Malaysia Bhd (BIMB) plan to invest in Malaysian Islamic Treasury Bills which has a face value of RM6,000,000. The treasury bills has remaining 45 days to expire and currently selling at a discount rate of 4.6%. What is the price of the treasury bills?

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.