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The Quoted price of a treasury bill is given by P= (360/n) x (100-y) If the quoted price, P=2, for a t-bill maturing in 90

The Quoted price of a treasury bill is given by P= (360/n) x (100-y)

If the quoted price, P=2, for a t-bill maturing in 90 days, what is the implied cash price of the t-bill( per 100 par) ? Why is the cash price always below Par for a T-bill?

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