1. Knowing what the components of the 3-month Treasury bill are, what could explain the large variation in the 3-month risk-free rate over the different time periods?
   

Date 1 Mo Y 2 Mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 3/31/1993 N/A N/A 2.95 3.09 3.32 3.96 4.42 5.24 5.72 6.03 N/A 6.93 3/30/1998 N/A N/A 5.18 5.30 5.44 5.65 5.69 5.70 5.79 5.72 6.06 5.98 3/28/2002 1.76 N/A 1.79 2.12 2.70 3.72 4.31 4.91 5.29 5.42 6.03 N/A 12/15/2008 0.00 N/A 0.03 0.28 0.50 0.75 1.02 1.50 1.92 2.53 3.29 2.98 3/29/2019 2.43 2.44 2.4 2.44 2.4 2.27 2.21 2.23 2.31 2.41 2.63 2.81 3/25/2020 0 0 0 0.07 0.19 0.34 0.41 0.56 0.77 0.88 1.23 1.45