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Subject 4. Different Yield Measures of a U.S. Treasury Bill tead, return on investment should be measured based on cost of investment. It is annualized using a 360-day year, not a 365-day year. It annualizes with simple interest and ignores the effect of interest on interest (compound interest).
<span>Holding period yield (HPY) is the return earned by an investor if the money market instrument is held until maturity:
P 0 = the initial price of the instrument P 1 = the price received for the instrument at its maturity D 1 = the cash distributio
last interval [days]
repetition number in this series
scheduled repetition interval
last repetition or drill
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