The Treasury Department auctioned $21 billion in 3-month bills in denominations of $10,000 at a discount rate of 2.125%. What would be the effective rate of interest? Note: Use calendar year. Do not round Intermediate calculations. Round your answer to the nearest hundredth percent. Effective rate of interest %

The Treasury Department auctioned $21 billion in 3-month bills in denominations of $10,000 at a discount rate of 2.125%. What would be the effective rate of interest? Note: Use calendar year. Do not round Intermediate calculations. Round your answer to the nearest hundredth percent. Effective rate of interest %

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...

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