The annualised rate of interest on a seven-day repo with an initial sale value of ($3) million
Question:
The annualised rate of interest on a seven-day repo with an initial sale value of \($3\) million is 0.562 percent. There is a haircut of 0.08 per cent. Assuming a day count convention of actual/360, calculate (a) the amount of the haircut, (b) the amount the seller receives and (c) the buy-back price.
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