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The Treasury Department auctioned $10 billion in 3-month bills in denominations of $10,000 at a...

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The Treasury Department auctioned $10 billion in 3-month bills in denominations of $10,000 at a discount rate of 3.000%.What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer tothe nearest hundredth percent.)Effective rate of interest

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