Jake purchased a $100,000 182-day T-bill discounted to yield 5.5%. When he sold it 30 days later, yields had dropped to 5.0%. How much did Jake earn? (Taken from CIFP course materials.)

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The Answer of Jake purchased a $100,000 182-day T-bill discounted to yield 5.5%. When he sold it 30 days later, yields had dropped to 5.0%. How much did Jake earn? (Taken from CIFP course materials.)

Jake Purchased a $100,000 182-Day T-Bill Discounted to Yield 5