Step 1 :Given that the face value (F) is $9600, the purchase price (P) is $8311, and the time (T) is 1 year.
Step 2 :We can find the discount (D) by subtracting the purchase price from the face value: \(D = 9600 - 8311 = 1289\)
Step 3 :We then use the formula for simple discount, \(D = FRT\), to solve for the annual discount rate (R): \(R = \frac{D}{FT} = \frac{1289}{9600 \times 1} = 0.13427\)
Step 4 :The result R is the annual discount rate in decimal form. To convert it to a percentage, we need to multiply it by 100: \(R_{\%} = 0.13427 \times 100 = 13.427\%\)
Step 5 :Final Answer: The treasury bill had a simple annual discount rate of \(\boxed{13.43\%}\)