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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 36
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
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a. First find the interest on the T-bill...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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