2 Numeric 1 point A \( \$ 5,000 \) T-bill is sold on December 6.2024. The maturity date is March 31, 2025. The simple discount rate for the sale is 3.05\%. Find the proceeds Type your answer...

To find the proceeds from the T-bill, you can use the formula for calculating the proceeds based on the discount rate and the time to maturity. 1. Calculate the discount amount: \[ \text{Discount} = \text{Face Value} \times \text{Discount Rate} \times \frac{\text{Days to Maturity}}{360} \] Here, the face value is \( \$5,000 \), the discount rate is \( 3.05\% \) (or \( 0.0305 \)), and the days to maturity from December 6, 2024, to March 31, 2025, is \( 115 \) days. Therefore: \[ \text{Discount} = 5000 \times 0.0305 \times \frac{115}{360} \approx 49.14 \] 2. Calculate the proceeds: \[ \text{Proceeds} = \text{Face Value} - \text{Discount} \] \[ \text{Proceeds} = 5000 - 49.14 \approx 4950.86 \] Thus, the proceeds from the T-bill would be approximately \( \$4,950.86 \).