John buys a 13-week T-bill with par value $10,000 at a simple discount rate of 7.5%. What price did he pay for the bond?
> 10000*(1-.075*13/52)
[1] 9812.5
The answer is $9810.42. Why?
> 10000*(1-.075*13/52)
[1] 9812.5
The answer is $9810.42. Why?
Bond
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