What would be the purchase price for a $5,000, 91-day T-bill paying 3% interest?

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asked Oct 21, 2017 188k views

2 Answers

Ernesto Campohermoso · Answer 1 · 2017-10-27T14:49:59+0000

well, you just need to find it using this formula :

5,000 x [100 % - (3% x 91/365)]

= 5,000 x [ 100 % - 0.007479]

= 5,000 x 99.992521

= $ 4,962.50 >>> rounded

Hope this help

What would be the purchase price for a $5,000, 91-day T-bill paying 3% interest?

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