he Treasury Department auctioned $15 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.750%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

he Treasury Department auctioned $15 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.750%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section: Chapter Questions

Problem 68SGR

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Question

The Treasury Department auctioned $15 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.750%.

What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

Expert Solution