Question on A Treasury Bill with Face Value

Question on A Treasury Bill with Face Value

Question on ‘A Treasury Bill with Face Value..’ answer for $3 Only

A Treasury bill with face value $121,000 and maturity 4 months sells for $113,000.

a. What would be the rate quoted on this bill on a discount basis?

b. What would be its effective annual interest rate? (Round your answer to 2 decimal place.)

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