Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year. T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 200-day T-bill with a maturity value of $8,750 for $8,531.83, what annual simple interest rate will you earn? Express your answer as a percentage. _________ %. Round to the nearest thousandths of a percent (3 decimal places).
Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year. T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 200-day T-bill with a maturity value of $8,750 for $8,531.83, what annual simple interest rate will you earn? Express your answer as a percentage. _________ %. Round to the nearest thousandths of a percent (3 decimal places).
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year.
T-bills (Treasury bills) are one of the instruments the U.S. Treasury Department uses to finance public debt. If you buy a 200-day T-bill with a maturity value of $8,750 for $8,531.83, what annual simple interest rate will you earn? Express your answer as a percentage.
_________ %. Round to the nearest thousandths of a percent (3 decimal places).
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