Part 1- An accountant purchases a T-bill with a face value of $5,000 for $4,925. If the term of the T-bill is 135 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.) Part 2- Find the simple interest (in dollars) due on a 35-day loan of $550 if the annual simple interest rate is 3.1%. Round to the nearest cent. (Use 360 days in 1 year.)
Part 1- An accountant purchases a T-bill with a face value of $5,000 for $4,925. If the term of the T-bill is 135 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.) Part 2- Find the simple interest (in dollars) due on a 35-day loan of $550 if the annual simple interest rate is 3.1%. Round to the nearest cent. (Use 360 days in 1 year.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Part 1- An accountant purchases a T-bill with a face value of $5,000 for $4,925. If the term of the T-bill is 135 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.)
Part 2- Find the simple interest (in dollars) due on a 35-day loan of $550 if the annual simple interest rate is 3.1%. Round to the nearest cent. (Use 360 days in 1 year.)
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