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​Historically, Treasury bills offered higher rates. On January​ 2, 2007, the discount rates were substantially higher...

​Historically, Treasury bills offered higher rates. On January​ 2, 2007, the discount rates were substantially higher than in July 2016. For the following Treasury bill bought in​ 2007, find​

(a) the price of the Treasury bill​ (T-bill),

(b) the actual interest rate paid by the Treasury.

Assume 365 days in a year. One​-month ​$20,750 ​T-bill with simple annual discount rate of 5.67​%

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