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Subject 4. Different Yield Measures of a U.S. Treasury Bill earing instruments (e.g., bank certificates of deposit), and pure discount instruments (e.g., U.S. Treasury bills).
Pure discount instruments such as T-bills are quoted differently than U.S. government bonds. They are quoted on a <span>bank discount basis rather than on a price basis:
r BD = the annualized yield on a bank discount basis D = the dollar discount, which is equal to the difference between the face v
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