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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 210-day T-bill with a maturity value of $19,750 for $19,557.56, 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 210-day T-bill with a maturity value of $19,750 for $19,557.56, 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).

Advanced Engineering Mathematics
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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T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 210-day T-bill with a maturity value of $19,750 for $19,557.56, 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).
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 210-day T-bill with a maturity value of $19,750 for $19,557.56, 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.
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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