A 91-day Treasury bill with a face value of $1 million is sold to yield 5.27...
A 91-day Treasury bill with a face value of $1 million is sold to yield 5.27 percent.
a. At what price did the T-bill sell if the yield was quoted by the market? (Use 365 days a year. Round the final answer to 2 decimal places.)
Price $
b. At what price did the T-bill sell if the yield was an effective annual yield? (Use 365 days a year. Round the final answer to 2 decimal places.)
Price $
Homework Answers
1.
=(1-5.27%*91/365)*1000000=986861.0959
2.
=1000000/((1+5.27%)^(91/365))=987277.231355761
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