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You are given the following T-bill quote: Days to Maturity Bid Asked Chg Ask Yield 122 days 1.85 1.70 +0.001 ????? a. What is the

You are given the following T-bill quote:

Days to Maturity

Bid

Asked

Chg

Ask Yield

122 days

1.85

1.70

+0.001

?????

a. What is the dollar amount of the dealers profit on $1,000,000 face value of T-bills (i.e., what is the dealers bid-ask spread on $1,000,000)?

b. What is the Ask Yield or Bond Equivalent yield for this T-bill?

c. What is the effective annual return on this T-bill?

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