A Treasury Bill (TB) offering has the following details: Face value = $10 000.

Term to Maturity = 91 days.

Day count convention actual/365 days.

(i) Calculate the implied tender price of the TB, given that an investors required (discount) rate is 15%.

(ii) At what price would an investor tender for the TB issue given that bids are to be submitted in multiples of $5,00? (iii) Calculate the actual yield that an investor will earn if his tender price is successful, and assuming that he will hold the TB to maturity