If the interest rate is 3 percent, the price of a Treasury bill that pays $1,000 in one year is

Name: If the interest rate is 3 percent, the price of a Treasury bill that pays $1,000 in one year is
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The price of a Treasury bill can be calculated using the formula: Price = Future Value / (1 + interest rate). Therefore, the price = $1,000 / (1 + 0.03) = $1,000 / 1.03 = $970.87, which rounds to $971.

If the Interest Rate Is 3 Percent, the Price of a Treasury