Question: ANZ arranges financing for Super Duper Pty Ltd with a 90 day bank bill with a Face Value of $500,000. City Investments buy the bill

ANZ arranges financing for Super Duper Pty Ltd with a 90 day bank bill with a Face Value of $500,000. City Investments buy the bill when it is first issued at a yield of 4.75% pa and sell it 30 days later to Prudential Investments at a yield of 4.55% pa. What price does City Investments pay for the bill?

a. 494452.65

b. 500000.00

c. 496126.14

d. 494211.63

e. 498055.54

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