Simple Interest Because simple interest is used on shortterm notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year. Question 1 50 pts Use a banker's year described above to answer this question. Tbills l[Treasury bills] are one of the instruments the US. Treasury Department uses to nance public debt. If you buy a 310day Tbill with a maturity value of $1?,?50 for 331?,3'9945, what annual simple interest rate will you earn? Express your answer as a percentage. '36. Round to the nearest thousandths of a percent {3 decimal places}. Question 2 50 pts Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 310day note for $?,000 at 5% simple interest. (Both interest and principal are repaid at the end of the 310 clays.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $1116 after 50 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage. 96. Round to the nearest thousandths of a percent (3 decimal places}