If the discount rate on 3-month commercial paper is 4.9% while the yield on 3-month CDs is 5%, the real difference between them is (assume 30/360 day count convention): Question 6 You have a treasury bill in Germany that has a return of 9%. What is the South African equivalent of the German return? question 7 The returns on the following 3-month instruments are quoted in the usual way (i.e. some as discount rates, some as interest yields). Which instrument offers the best rate of return?