Muhammad buys a T-bill with a face value of $20,000.00 on 2020-02-24 that matures on 2020-12-04. The annual simple interest rate is 4.375%, and the daycount convention is ACT/365. What price P does he pay?

a. P = $19,468.27.

b. P = $19,863.32.

c. P = $19,341.59.

d. P = $19,599.95.

e. P = $19,534.11.

Sam buys a T-bill with a face value of $15,000.00 on 2021-05-16 that matures on 2021-08-16. The annual simple discount rate is 1.125%, and the daycount convention is ACT/360. What price P does she pay?

a. P = $14,970.12.

b. P = $14,974.44.

c. P = $14,956.88.

d. P = $14,957.19.

e. P = $14,978.75.