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BRIEFLY

October 23, 1987

Interest rates on 52-week Treasury bills fell to their lowest level since July. The Treasury Department sold $9.3 billion of the bills at an average discount rate of 6.45%, down from 7.32% at the last auction on Sept. 30. The rates were the lowest since July 2, when the one-year bills sold for 6.22%. The new discount rate understates the actual return to investors--6.90%, with a $10,000 bill selling for $9,347.80.

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