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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 91
Solve the application problems. Round interest and discount to the nearest cent.
PURCHASE OF A T-BILL Elizabeth Barton bought a $25,000, 26-week T-bill at a discount rate of 6.8% on August 7. She sold it 10 weeks later at a discount rate of 7%. Find (a) Barton's purchase price, _____________ (b) the discount 10 weeks later when she sold it, _____________ (c) the proceeds to Barton, and (d) the effective interest rate rounded to the nearest hundredth of a percent for the time Barton held the note. _____________
PURCHASE OF A T-BILL Elizabeth Barton bought a $25,000, 26-week T-bill at a discount rate of 6.8% on August 7. She sold it 10 weeks later at a discount rate of 7%. Find (a) Barton's purchase price, _____________ (b) the discount 10 weeks later when she sold it, _____________ (c) the proceeds to Barton, and (d) the effective interest rate rounded to the nearest hundredth of a percent for the time Barton held the note. _____________
Explanation
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The following table is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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