A Treasury bill purchased in December 2015 has 78 days until maturity and a bank discount yield of 1.87 percent. Assume a $100 face value.
a. What is the price of the bill as a percentage of face value? (Do not round intermediate calculations. Enter your answer as a percent rounded to 3 decimal places. Omit the "%" sign in your response.)
Price % ____________
b. What is the bond equivalent yield? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)
Bond equivalent yield % ____________