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...
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Transcribed Image Text:Hui purchased a 91-day T-Bill that has a face value of $1000 and an interest rate of
4.00% p.a.
a. Calculate the purchase price of the T-Bill.
Round to the nearest cent
b. In 25 days, she needed the money and therefore, sold the T-bill to another investor.
The rate for this investment in the market was 6.50% at the time of the sale. Calculate
his selling price.
Round to the nearest cent
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