Solve the following word problems. Round to the nearest cent when necessary.Fernando
Chapter 0, Problem 37(choose chapter or problem)
Solve the following word problems. Round to the nearest cent when necessary.Fernando Rodriguez purchased $64,000 in U.S. Treasury bills with a discount rate of 4.7% for a period of 13 weeks. a. How much interest did Fernando earn on the T-bill investment?b. How much was the purchase price of Fernandos T-bills?c. What was the effective interest rate of Fernandos T-bill investment? Round to the nearest hundredth of a percent.
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