Question: 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

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 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 Prudential Investments pay for the bill?

a. $494,211.63 b. $496,126.14 c. $496,288.04 d. $498,137.10 e. $500,000.00

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