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QUESTION 1 (a) A 90 day Bank Bill is issued on 1/9/13 with a face value of $1 000 000 at a yield of 4%

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QUESTION 1 (a) A 90 day Bank Bill is issued on 1/9/13 with a face value of $1 000 000 at a yield of 4% pa. Jessica buys it on the issue date. On 6/11/13 Jessica sells this Bank Bill at a yield 5% pa. What has her holding period return been in annual terms? (4 marks)

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