Jay purchased a 90 -day $500,000 bank bill (at a simple interest rate) on 15 July 2021. The purchase price was $490,550. He sold this bank bill on 13 August 2021. (a) What was his selling price, if he sold this bank bill at a yield of 3.52% p.a. (simple interest)?

Jay purchased a 90 -day $500,000 bank bill (at a simple interest rate) on 15 July 2021. The purchase price was $490,550. He sold this bank bill on 13 August 2021. (a) What was his selling price, if he sold this bank bill at a yield of 3.52% p.a. (simple interest)?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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