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Solve the Problem. -An Investor Buys a $20,000 T-Bill at a 7% Discount

Question 55

Multiple Choice

Solve the problem.
-An investor buys a $20,000 T-bill at a 7% discount for 26 weeks. Find the effective interest rate. (Assume 52 weeks per year.)

A) 5.45%
B) 3.63%
C) 7.25%
D) 10.50%

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