As an investment manager of Southern Cross fund, you have $5 million in capital to purchase debt securities; $3 million for money market securities and $2 million for bonds.

Telstra is selling 90 day promissory notes at a face value of $100,000 for which you require a yield of 3% p.a.

What price are you willing to pay for each Telstra security?

(enter your answer without $ or , to 2 decimal places)