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09-12-2016
Business

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The Treasury Department auctioned $21 billion in 3-month bills in denominations of $10,000 at a discount rate of 4.965%. What would be the effective rate of interest? Round your answer to the nearest hundredth percent.

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09-12-2016

- Interest = $10000 x .04965 x 13/52 weeks = $124.13
- Proceeds = $10000 – 124.13 = $9875.87
- Effective interest rate = $124.13 / (9875.87 x 13/52) = 5.03%

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