A company issues a 180-day bill, with a face value of $100,000 yielding 8.75 percent per annum. What amount would the company raise on the issue?

Consider the same bill from Example 1. the original discounter has held the bill for ninety days, and the bill now has only ninety days to maturity. Current 90-day bills are yielding 7.8 percent per annum in the market. If the holder of the bill chose to sell the bill, what price would be obtained?