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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 115
Solve the following application problems. Round interest and discount to the nearest cent.
PURCHASE OF A T-BILL Tina Klein bought a $10,000, 7.5%, 52-week T-bill on June 29 and sold it 26 weeks later at a discount rate of 8%. Find Klein's (a) purchase price for the T-bill, (b) the discount at time of sale, (c) the proceeds to Klein, and (d) the effective interest rate rounded to the nearest hundredth of a percent.
PURCHASE OF A T-BILL Tina Klein bought a $10,000, 7.5%, 52-week T-bill on June 29 and sold it 26 weeks later at a discount rate of 8%. Find Klein's (a) purchase price for the T-bill, (b) the discount at time of sale, (c) the proceeds to Klein, and (d) the effective interest rate rounded to the nearest hundredth of a percent.
Explanation
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The following table is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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