Essay
An investor purchased $250 000 in 91-day T-bills on the issue date for $248 157.56. After holding the T-bills for 37 days, she sold them for a yield of 3.25%.
a) What was the original yield of the T-bills?
b) For how much did the investor sell the T-bills?
c) What rate of return (per annum) did the investor realize while holding this T-bill?
Correct Answer:
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a) S = 250 000; P = 248 157.56; t = 
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