document.write( "Question 1111699: The Treasury Department auctioned $21 billion in three-month bills in denominations of ten thousand dollars at a
\n" ); document.write( "discount rate of 4.965%, according to the March 13, 2007, issue of the Chicago Sun-Times. What would be the effective rate of interest? Round your answer to the nearest hundredth percent. \n" ); document.write( "
Algebra.Com's Answer #726800 by stanbon(75887)\"\" \"About 
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The Treasury Department auctioned $21 billion in three-month bills in denominations of ten thousand dollars at a
\n" ); document.write( "discount rate of 4.965%, according to the March 13, 2007, issue of the Chicago Sun-Times. What would be the effective rate of interest? Round your answer to the nearest hundredth percent.
\n" ); document.write( "------
\n" ); document.write( "amt. borrowed:: 21 billion
\n" ); document.write( "amt. actually received 0.95035*21 billion = 19.95735 billion
\n" ); document.write( "interest paid in 3 months = 1.04265 billion
\n" ); document.write( "----
\n" ); document.write( "I = P*r*t
\n" ); document.write( "1.04265 = 19.95735*r*(3/12)
\n" ); document.write( "----
\n" ); document.write( "rate = 0.209 = 20.9%
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
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