4. At auction, $10,000 worth of 3-month T-bills (assume simple interest) were sold for $9,500. What was the rate of

return on the investment for whoever won the bid? Round your percentage to one decimal place.

START BY WRITING THE FORMULA YOU ARE USING!

5. An individual purchased a 2-year, $50,000 promissory note (which is the total amount the company promises to pay the

individual back, including interest) from a company with an interest rate of 3% /year compounded quarterly. What was

the cost of the note? Round to the nearest cent. START BY WRITING THE FORMULA YOU ARE USING and fill in numerical

values for all variables or FILL IN THE APPROPRIATELY NUMBERED TVM TEMPLATE IF USING THE APP, but you must still

write the formula.

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6. A deposit of $5,000 grew to $5320 in 6 months in an account earning simple interest. What interest rate was the

financial institution paying? Round your percentage to one decimal place. START BY WRITING THE FORMULA YOU ARE

USING!

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7. Find the effective rate of 16% compounded daily. Assume a 365 day year. Round your percentage to one decimal

place. START BY WRITING THE FORMULA YOU ARE USING!5.