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Calculate the price of first bank bill

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Question - Today is November 1 2021, Jason plans to make a 360-day investment using two consecutive 180-day $500,000 bank bills. The maturity proceeds of the first bill will be rolled over into the second bill. The purchase yields for the two 180-day bills will be 2.98% and 3.32% p.a., respectively. Note that any surplus funds after 180 days can be invested for 180 days at a rate of 3.79% p.a. simple interest. Calculate the price of first bank bill.

Reference no: EM133075010

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