1. A Treasury securities dealer observed the following quotes in the Treasury bills market and the Repo market: A 182-day Treasury bill is sold at 97.54% of the par; A 7-day Repo of $1million Treasury bills (nominal value, i.e. the sum of face value) costs $975, i.e. the interest for a 7-day Repo Calculate (1) the Treasury bill yield, (2) the Repo rate; and (3) the spread between government borrowing and Repo borrowing