SOLUTION: What is the annual interest rate earned by a 33-day T- bill with a maturity value of P 1,000 that sells for P 996.16? (Use 360 days for a year)

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Question 1186450: What is the annual interest rate earned by a 33-day T- bill with a maturity value of P 1,000 that sells for P 996.16? (Use 360 days for a year)
Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52805) About Me  (Show Source):
Answer by MathTherapy(10553) About Me  (Show Source):
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What is the annual interest rate earned by a 33-day T- bill with a maturity value of P 1,000 that sells for P 996.16? (Use 360 days for a year)
Apply the FUTURE VALUE formula, based on SIMPLE IMTEREST, which is: matrix%281%2C3%2C+A%2C+%22=%22%2C+P%281+%2B+TR%29%29, with 

matrix%281%2C3%2C+A%2C+%22=%22%2C+P%281+%2B+TR%29%29 then becomes: 

                                 11R(31.13) = .12(120) ------- Cross-multiplying

Annual Interest rate or