A 90-day Treasury bill is quoted as having a price of $987.50. What is its bond equivalent yield?

Select one:

a. 5.00%

b. 5.13%

c. 5.23%

d. 5.62%

e. 5.79%

Using a 360-day year results in higher returns than using a 365-day year.

Select one:

True

False