1. A Treasury bill with 118 days to maturity is quoted at 95.920. What are the bank discount yield, the bond equivalent yield, and the effective annual return? (Do not round intermediate calculations. Enter your answers as a percent rounded to 3 decimal places.)
2. How much would you pay for a U.S. Treasury bill with 106 days to maturity quoted at a discount yield of 2.30 percent? Assume a $1 million face value. (Enter your answer in dollars not in millions. Do not round intermediate calculations. Round your answer to 2 decimal places.)