A $100,000, 91-day Province of Ontario T-bill was purchased for $98,527.62. It was then sold for 4.8% simple interest. What profit was realized on the sale?

T-Bill

Short for Treasury Bill, a short-term government security issued at a discount from the par value and paying no interest before maturity.

Simple Interest

A method of calculating interest where the calculation is based only on the original amount of money invested or borrowed, excluding the effect of compounding.

Profit

The financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.