A 3-month 28,000 treasury bill with a simple annual discount rate of 0.29% was sold in 2016.Assume 365 days in a year.
(a) Find the price of the treasury bill (T-bill)
(b) Find the actual interest rate paid by the Treasury
(a) The price of the T-bill was 27979.70
(Round to the nearest cent as needed.)
(b) The actual interest rate paid by the Treasury is square %
(Type an integer or decimal rounded to five decimal places as needed.)