Question: Westpac 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

Westpac 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 4.55% pa and sell it 30 days later to Prudential Investments at a yield of 4.95% pa. What price does City Investments sell the bill for?

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