1. **State the problem:** We need to find the purchase price of a 50-day T-bill with a maturity value of 1367, an annual interest rate of 3.667%, assuming a 360-day year. 2. **Formula used:** The purchase price $P$ of a T-bill is given by the formula: $$P = M \times \left(1 - r \times \frac{t}{360}\right)$$ where: - $M$ is the maturity value, - $r$ is the annual interest rate (as a decimal), - $t$ is the number of days until maturity. 3. **Convert the interest rate to decimal:** $$r = \frac{3.667}{100} = 0.03667$$ 4. **Substitute the values into the formula:** $$P = 1367 \times \left(1 - 0.03667 \times \frac{50}{360}\right)$$ 5. **Calculate the fraction:** $$\frac{50}{360} = 0.13889$$ 6. **Calculate the interest portion:** $$0.03667 \times 0.13889 = 0.00509$$ 7. **Calculate the purchase price:** $$P = 1367 \times (1 - 0.00509) = 1367 \times 0.99491 = 1359.08$$ **Final answer:** The purchase price is 1359.08 (rounded to two decimal places).