Explanation:
Use the discount price formula per $100 face value:
$100
Substitute:
For $1,000,000 face value:
$1
So the correct answer is $973,711.
$973
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Question 169.2. The price of a 182-day U.S. Treasury bill is Quoted as 5.20. What is the Cash Price for a purchase of $1 million in face value?
A
$970,701
$970
B
$973,711
C
$976,721
$976
D
$979,731
$979
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