Chat with AI
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 46
Solve the following word problems. Round to the nearest cent when necessary.
Fernando Rodriguez purchased $64,000 in U.S. Treasury bills with a discount rate of 4.7% for a period of 13 weeks.
a. How much interest did Fernando earn on the T-bill investment?
b. How much was the purchase price of Fernando's T-bills?
c. What was the effective interest rate of Fernando's T-bill investment? Round to the nearest hundredth of a percent.
Fernando Rodriguez purchased $64,000 in U.S. Treasury bills with a discount rate of 4.7% for a period of 13 weeks.
a. How much interest did Fernando earn on the T-bill investment?
b. How much was the purchase price of Fernando's T-bills?
c. What was the effective interest rate of Fernando's T-bill investment? Round to the nearest hundredth of a percent.
Explanation
Verified
Verified
a. First find the interest on the T-bill...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
