What are the discount yield, bond equivalent yield, and effective annual return on a $3 million T-bill that currently sells at 98.5% of its face value and is 105 days from maturity? (15 marks)

How about a $20 million T-bill that sells at 99% of its face value and is 90 days from maturity? (10 marks)

Which T-bill generates a better return? (5 marks)