(a) To buy a Treasury bill (T-bill) that matures to $10,000 in 6 months, you must pay $9770. What annual simple interest rate does this earn? (Round your answer to one decimal place.) % (b) If the bank charges a fee of $40 to buy a T-bill, what is the actual interest rate you earn? (Round your answer to one decimal place.)
(a) To buy a Treasury bill (T-bill) that matures to $10,000 in 6 months, you must pay $9770. What annual simple interest rate does this earn? (Round your answer to one decimal place.) % (b) If the bank charges a fee of $40 to buy a T-bill, what is the actual interest rate you earn? (Round your answer to one decimal place.)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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