The Treasury Department auctioned $23 billion in 3-month bills in denominations of $10,000 at a discount rate of 4.800%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.) Effective rate of interest

The Treasury Department auctioned $23 billion in 3-month bills in denominations of $10,000 at a discount rate of 4.800%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.) Effective rate of interest

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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