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Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
Publisher: Cengage Learning
ISBN: 9781305965584

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BuyFindarrow_forward

Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
Publisher: Cengage Learning
ISBN: 9781305965584
Chapter 11.4, Problem 3EE
Textbook Problem
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A company invests in a 29-day. $60000 United States Treasury bill at 2.28% interest. The bank through which the bill is purchased charges a service fee of $35. Calculate the cost of the Treasury bill.

To determine

A company invests in a 29 day, $60000 United States Treasury bill at 2.28% interest. The bank through which the bill is purchased charges a service fee of $35. What is the cost of the Treasury bill?

Explanation of Solution

Given:

A company invests in a 29 day, $60000 United States Treasury bill at 2.28% interest. The bank through which the bill is purchased charges a service fee of $35

Formula Used:

Simple interest is given as

  SI=P×R×T

Where SI= Simple Interest

  P= Principal amount

  R= Rate of interest in percentage

  T= Time in years

Also, formula for cost is as follows:

  Cost =(Face valueInterest)+Service Fee

Calculation:

We have

  P=$60000

  R=2.28%

  T=29days=29360year

Simple Interest is calculated as follows

  SI=60000×0

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Chapter 11 Solutions

Mathematical Excursions (MindTap Course List)
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Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. Round to the...Ch. 11.1 - Calculate the simple interest earned. 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Simple Interest Rate The simple interest...Ch. 11 - Compound Amount Calculate the compound amount when...Ch. 11 - Compound Amount What is the compound amount when...Ch. 11 - Future Value Find the future value of $6000...Ch. 11 - Compound Interest Calculate the amount of interest...Ch. 11 - Present Value How much money should be invested in...Ch. 11 - Loans To help pay your college expenses, you...Ch. 11 - Present Value A couple plans to save for their...Ch. 11 - Dividend Yield A stock pays an annual dividend of...Ch. 11 - Bonds A bond with a $20,000 face value has a 4.5%...Ch. 11 - Inflation In 2011, the price of 1 lb of baking...Ch. 11 - Inflation You purchase a bond that will provide...Ch. 11 - Effective Interest Rate Calculate the effective...Ch. 11 - Annual Yield Which has the higher annual yield....Ch. 11 - Average Daily Balance A credit card account had a...Ch. 11 - Finance Charges On September 10, a credit card...Ch. 11 - APR Arlene McDonald borrows $1500 from a bank that...Ch. 11 - APR Suppose you purchase a laptop computer for...Ch. 11 - Monthly Payments Photo Experts offers a Nikon...Ch. 11 - Monthly Payments Abeni Silver purchases a Samsung...Ch. 11 - Car Payments Suppose that you decide to purchase a...Ch. 11 - Loan Payoffs Dasan Houston obtains a $28,000,...Ch. 11 - Stock Sale Suppose that you purchased 500 shares...Ch. 11 - Mutual Funds A mutual fund has total assets of $34...Ch. 11 - Closing Costs The purchase price of a seaside...Ch. 11 - Mortgage Payments Suppose you purchase a...Ch. 11 - Mortgage Payments and Loan Payoffs Garth Santacruz...Ch. 11 - Total Monthly Payments Geneva Goldberg obtains a...Ch. 11 - Student Loans A student receives a non-subsidized...Ch. 11 - Simple Interest Calculate the simple interest due...Ch. 11 - Simple Interest Find the simple interest earned in...Ch. 11 - Maturity Value Calculate the maturity value of a...Ch. 11 - Simple Interest Rate The simple interest charged...Ch. 11 - Compound Amount What is the compound amount when...Ch. 11 - Compound Interest Calculate the amount of interest...Ch. 11 - Maturity Value To help pay for a new truck, you...Ch. 11 - Present Value A young couple wants to save money...Ch. 11 - Dividend Yield A stock that has a market value of...Ch. 11 - Bonds Suppose you purchase a $5000 bond that has a...Ch. 11 - Inflation In 2016, the median value of a single...Ch. 11 - Effective Interest Rate Calculate the effective...Ch. 11 - Annual Yield Which has the higher annual yield....Ch. 11 - Finance Charges On October 15, a credit card...Ch. 11 - APR Suppose that vu purchase a 2-in-I laptop...Ch. 11 - Monthly Payments Technology Pro offers a new...Ch. 11 - Stock Sale Suppose you purchased 800 shares of...Ch. 11 - Mutual Funds A mutual fund has total assets of $42...Ch. 11 - Monthly Payments Kalani Canfield purchases a...Ch. 11 - Closing Costs The purchase price of a house is...Ch. 11 - Mortgage Payments and Loan Payoffs Bernard Mason...Ch. 11 - Total Monthly Payment Zetda MacPherson obtains a...

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