T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 330-day T-bill with a maturity value of $18,750 for $18,358.89, what annual simple interest rate will you earn? Express your answer as a percentage. _%. Round to the nearest thousandths of a percent (3 decimal places).
T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 330-day T-bill with a maturity value of $18,750 for $18,358.89, what annual simple interest rate will you earn? Express your answer as a percentage. _%. Round to the nearest thousandths of a percent (3 decimal places).
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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![T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public
debt. If you buy a 330-day T-bill with a maturity value of $18,750 for $18,358.89, what annual
simple interest rate will you earn? Express your answer as a percentage.
_%. Round to the nearest thousandths of a percent (3 decimal places).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13a33e1d-5e4c-443e-9341-3bcc688aa553%2F4dc864e3-ed29-4874-b5cd-ebc30f39c7c2%2Fcpihi8q_processed.png&w=3840&q=75)
Transcribed Image Text:T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public
debt. If you buy a 330-day T-bill with a maturity value of $18,750 for $18,358.89, what annual
simple interest rate will you earn? Express your answer as a percentage.
_%. Round to the nearest thousandths of a percent (3 decimal places).
![Because simple interest is used on short-term notes, the time period is often given in days rather
than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a
banker's year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13a33e1d-5e4c-443e-9341-3bcc688aa553%2F4dc864e3-ed29-4874-b5cd-ebc30f39c7c2%2F2ls4w6_processed.png&w=3840&q=75)
Transcribed Image Text:Because simple interest is used on short-term notes, the time period is often given in days rather
than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a
banker's year.
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