SOLUTION: Suppose that an individual paid $9,819.81 for a T-bill and collected $10,000 after 6 months. Assuming the interest earned was simple, what was the annual interest rate?
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Question 832351: Suppose that an individual paid $9,819.81 for a T-bill and collected $10,000 after 6 months. Assuming the interest earned was simple, what was the annual interest rate?
You can put this solution on YOUR website! After 6 months the interest is
After 1 year the person would have in interest,
so the annual interest rate is
3.67% interest
