At auction on June 22, 2017, $100 000, 91-day treasury bills were sold for $99 600. An investor purchasing one of these T-bills held it for 40 days, then sold it to yield 1.4%.
(a) What was the original yield of the T-bill?
(b) At what price did the investor sell?
(c) What annual rate of return did the investor realize while holding his T-bill?