The auction price of 91-day commercial paper having a face (par) value of $1 million is $996,000.
Question:
The auction price of 91-day commercial paper having a face (par) value of $1 million is $996,000. What is the quarterly yield on this bill (you can assume that there are 91 days in a quarter)? The annual yield? What is the yield on a discount basis?
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The yield of a bond such as this 91day commercial paper can be calculated using the formula for yiel...View the full answer
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Related Book For 
Financial Markets Banking And Monetary Policy
ISBN: 9781118872239
1st Edition
Authors: Thomas D. Simpson
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