Three months ago, 160 shares of BBB were bought at PLN 240 each. Currently, the quotation of these shares on the market is PLN 249. No dividend was paid during the investment period.

a) Please calculate the annual rate of return on such investment. Assuming that instead of investing in shares three months ago, you could buy Treasury bills that are currently expiring with the nominal value of PLN 500, check:

b) How many T-bills you needed to buy to get approximately the same amount at the end of the investment?

c) What would the price of these bills have to be at the beginning of the investment so that they bring the same annual rate of return as the shares mentioned above? (please use 30/360 time convention for bills)?

d) What should the discount rate on these bills be for this quarter to ensure the same yield as shares?