If a company sells (discounts) a bank bill with a face value of $100,000, a term to maturity of 90 days, and a yield of 7.23% per annum, how much will the company raise on the issue? (Ignore transaction fees.)

Select one:

a.

$84,869.90

b.

$98,248.49

c.

$98,269.99

d.

None of given answers.