An investor purchased a 93-day, Government of Canada T-bill that had a simple interest rate of 4.50% p.a. and face value of $100,000. Calculate the price he paid for the T-bill.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
icon
Related questions
Question
An investor purchased a 93-day, Government of Canada T-bill that had a simple interest
rate of 4.50% p.a. and face value of $100,000. Calculate the price he paid for the T-bill.
Round to the nearest cent
Transcribed Image Text:An investor purchased a 93-day, Government of Canada T-bill that had a simple interest rate of 4.50% p.a. and face value of $100,000. Calculate the price he paid for the T-bill. Round to the nearest cent
Expert Solution
steps

Step by step

Solved in 4 steps with 2 images

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College