The discount yield on a money market instrument _____ its actual yield. a. understates b. equals c. overstates d. none of the above

Over the past decade, the volume of US commercial paper has a. decreased b. stayed relatively constant c. increased d. none of the above

If you purchase a 90-day treasury bill at 99.5% of par, what is your approximate discount yield? a. 1.97% b. 2.00% c. 2.03% d. 2.06% e. none of the above

If you purchase a 90-day treasury bill at 99.5% of par, what is your approximate bond equivalent yield? a. 1.97% b. 2.00% c. 2.04% d. 2.06% e. none of the above