A $25,000, 91-day Province of Newfoundland Treasury bill was originally purchased at a price that would yield the investor a 1.438% rate of return if the T-bill is held until maturity. Thirty-four days later, the investor sold the T-bill through his broker for $24,928.

a. What price did the original investor pay for the T-bill?

b. What rate of return will the second investor realize if she holds the T-bill until maturity?

c. What rate of return did the first investor realize during his holding period?