Single payment yield on repo


Problem:

A bank enters into a repurchase agreement in which it agrees to sell Treasury securities to another bank at a price of $24,982,381, with a promise to buy them back at a price of $25,000,000 in 8 days. Repo yields are expressed as "single payment yields."

Requirement:

Question: What is the single payment yield on this repo?

Note: Please show guided help with steps and answer.

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Accounting Basics: Single payment yield on repo
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