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Calculate the issue price of the bill

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Problem (a) A bank bill with 120 days to maturity is issued with a yield of 0.05% pa. Face value is $1,000,000. Calculate the issue price of the bill.

Problem (b) The bill in part (a) is sold after 10 days at a yield of 0.15% pa. Calculate the selling price.

Reference no: EM132966851

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