Calculate the face value of this issue

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Question - The Federal Government is intending on making a large cash investment in June and July of 2021. As a consequence, the government will have a short-term shortfall of $5.5 million between cash receipts and expenditures. The government is intending to meet this shortfall by issuing 60-day Treasury Notes today. Calculate the face value of this issue, given a yield of 1.5% pa. Show all calculations. Note: You can write down the calculations by hand and attach a photo of your answer.

Reference no: EM132986168

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