In October, a bank short$-$term investment manager has $$1$ million in $90-$day T$-$bills

on its balance sheet that it plans to sell in December for liquidity purposes, and is

worried about interest rates rising $($i$.$e$.$ T$-$bill prices falling$)$ in the next few months,

which would cause the value of the Bank's holdings of T$-$bills to fall.

The current $($spot$)$ discount yield is $5\mathrm{.}32\%($i$.$e$.$ a Discount $\%$ price of $94\mathrm{.}68\%)$ for a

$90-$day T$-$bill.

Hint: $ Price for T$-$bills or Price for T$-$bill Futures Contract

$ Price $=$$ Amount $\{1-[\frac{dxn}{360}]\}$

where $d=$ discount yield as a fraction; $n=$ maturity, usually $90$ days