A $10,000 91-Day T-Bill Was Purchased for $9889

question 44

Multiple Choice

A $10,000 91-day T-Bill was purchased for $9889.05 to yield 4.5%.The T-bill is sold 32 days later to an investor who wishes to yield 4.15%.At what price is the T-bill sold?

• A)$9897.59
• B)$9925.03
• C)$9928.06
• D)$9933.36

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Definitions:

Commander in Chief

The role ascribed to the president of the United States who serves as the supreme commander of the military forces of the country and of the state National Guard units when they are called into active federal service.

State Militias

Military forces maintained by individual states for defense and emergency purposes, distinguishable from the federal armed forces.

Annapolis Convention

A meeting held in 1786 to discuss the commercial problems besetting the United States under the Articles of Confederation, paving the way for the Constitutional Convention of 1787.

Articles of Confederation

The first written constitution of the United States, ratified in 1781, which established a weak central government before being replaced by the U.S. Constitution.