a. Calculate the asking price of the T-bill maturing on September 15, 2016, as of May 16, 2016.

b. Calculate the bid price of the T-bill maturing on June 02, 2016, as of May 16, 2016.

TABLE 5-5 Treasury Bill Rates Monday, May 16, 2016 Treasury bill bid and ask data are representative over-the-counter quotations as of 3 p.m. Eastern time quoted as a discount to face value. Treasury bill yields are to maturity and based on the asked quote. Maturity Bid Asked Asked Yield 5/19/2016 0.168 0.158 -0.030 0.160 5/26/2016 0.173 0.163 -0.055 0.165 6/2/2016 0.203 0.193 -0.038 0.196 6/9/2016 0.195 0.185 -0.038 0.188 6/16/2016 0.193 0.153 0.028 0.156 6/23/2016 0.203 0.193 -0.010 0.196 6/30/2016 0.210 0.200 -0.010 0.203 7/7/2016 0.208 0.198 -0.015 0.201 7/14/2016 0.215 0.205 -0.020 0.209 7/21/2016 0.233 0.223 -0.023 0.226 7/28/2016 0.245 0.235 -0.008 0.239 8/4/2016 0.255 0.245 -0.005 0.249 8/11/2016 0.255 0.245 -0.020 0.249 8/18/2016 0.255 0.245 -0.018 0.249 8/25/2016 0.265 0.255 0.005 0.259 9/1/2016 0.258 0.248 -0.015 0.252 9/8/2016 0.255 0.245 -0.015 0.249 9/15/2016 0.263 0.253 0.003 0.257 9/22/2016 0.278 0.268 -0.018 0.272 0.274 9/29/2016 0.280 0.270 -0.013 10/6/2016 0.303 0.293 0.297 -0.013 -0.005 10/13/2016 0.298 0.303 0.308 0.323 10/20/2016 0.313 -0.025 0.317 10/27/2016 0.320 0.310 -0.025 0.315 11/3/2016 0.338 0.328 -0.025 0.333 11/10/2016 0.335 -0.025 0.341 12/8/2016 0.345 0.350 0.338 0.340 -0.005 0.346 1/5/2017 0.328 -0.005 0.334 2/2/2017 0.428 0.418 0.003 0.426 3/2/2017 0.460 0.450 -0.010 0.458 3/30/2017 0.485 0.475 0.484 -0.013 -0.010 4/27/2017 0.523 0.513 0.522 TABLE 5-5 Treasury Bill Rates Monday, May 16, 2016 Treasury bill bid and ask data are representative over-the-counter quotations as of 3 p.m. Eastern time quoted as a discount to face value. Treasury bill yields are to maturity and based on the asked quote. Maturity Bid Asked Asked Yield 5/19/2016 0.168 0.158 -0.030 0.160 5/26/2016 0.173 0.163 -0.055 0.165 6/2/2016 0.203 0.193 -0.038 0.196 6/9/2016 0.195 0.185 -0.038 0.188 6/16/2016 0.193 0.153 0.028 0.156 6/23/2016 0.203 0.193 -0.010 0.196 6/30/2016 0.210 0.200 -0.010 0.203 7/7/2016 0.208 0.198 -0.015 0.201 7/14/2016 0.215 0.205 -0.020 0.209 7/21/2016 0.233 0.223 -0.023 0.226 7/28/2016 0.245 0.235 -0.008 0.239 8/4/2016 0.255 0.245 -0.005 0.249 8/11/2016 0.255 0.245 -0.020 0.249 8/18/2016 0.255 0.245 -0.018 0.249 8/25/2016 0.265 0.255 0.005 0.259 9/1/2016 0.258 0.248 -0.015 0.252 9/8/2016 0.255 0.245 -0.015 0.249 9/15/2016 0.263 0.253 0.003 0.257 9/22/2016 0.278 0.268 -0.018 0.272 0.274 9/29/2016 0.280 0.270 -0.013 10/6/2016 0.303 0.293 0.297 -0.013 -0.005 10/13/2016 0.298 0.303 0.308 0.323 10/20/2016 0.313 -0.025 0.317 10/27/2016 0.320 0.310 -0.025 0.315 11/3/2016 0.338 0.328 -0.025 0.333 11/10/2016 0.335 -0.025 0.341 12/8/2016 0.345 0.350 0.338 0.340 -0.005 0.346 1/5/2017 0.328 -0.005 0.334 2/2/2017 0.428 0.418 0.003 0.426 3/2/2017 0.460 0.450 -0.010 0.458 3/30/2017 0.485 0.475 0.484 -0.013 -0.010 4/27/2017 0.523 0.513 0.522