The Treasury Department auctioned 11 billion in 3 month bills in denominations of 10 000 at a discount rate of 3 150 What would

Question

The Treasury Department auctioned 11 billion in 3 month bills in denominations of 10 000 at a discount rate of 3 150 What would be the effective rate of interest Note Use calendar year Do not round intermediate calculations Round your answer to the nearest hundredth percent Effective rate of interest

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