TREASURY CERTIFICATE Definition

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TREASURY CERTIFICATE is a U. S. Treasury security usually issued at par with a specified rate of interest and a maturity of one year or less. It is issued payable to the bearer and sold in minimum amounts of $l0,000.

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COST OF DEBT is interest rate times 1 minus the marginal tax rate (because interest is a tax deduction). An increase in the tax rate decreases the cost of debt.

PURCHASE DISCOUNT is a reduction in the purchase price, allowed if payment is made within a specified period.

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