Michelle purchased a 91-day T-bill with interest rate of 3.50% p.a. and a face value of $10,000. a. How much did Michelle pay for the T-bill? $0.00 Round to the nearest cent b. After 32 days, Michelle sold the T-bill when the interest rate for this T-bill in the market increased to 3.75% p.a. What was the selling price? $0.00 Round to the nearest cent

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Michelle purchased a 91-day T-bill with interest rate of 3.50% p.a. and a face value of
$10,000.
a. How much did Michelle pay for the T-bill?
$0.00
Round to the nearest cent
b. After 32 days, Michelle sold the T-bill when the interest rate for this T-bill in the
market increased to 3.75% p.a. What was the selling price?
$0.00
Round to the nearest cent
Transcribed Image Text:Michelle purchased a 91-day T-bill with interest rate of 3.50% p.a. and a face value of $10,000. a. How much did Michelle pay for the T-bill? $0.00 Round to the nearest cent b. After 32 days, Michelle sold the T-bill when the interest rate for this T-bill in the market increased to 3.75% p.a. What was the selling price? $0.00 Round to the nearest cent
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