Question: a. Explain why banks, which would seem to have a comparative advantage in gathering information, have not eliminated the need for the money markets. 5

a. Explain why banks, which would seem to have a comparative advantage in gathering information, have not eliminated the need for the money markets. 5 marks b. A Treasury bill was purchased for $9,660 maturing in 270 days with a face value of $10,000. Calculate the T-bill's discount yield and the T-bill's annualized yield

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