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#reading-7-discounted-cashflows-applications

Question

Money market yield formula

r_mm= [...]

Answer

$r_{mm} = {360*BDY \over 360-(t*BDY)}$

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Subject 4. Different Yield Measures of a U.S. Treasury Bill
se price, not face value. It is not an annualized yield. The effective annual yield is the annualized HPY on the basis of a 365-day year. It incorporates the effect of compounding interest. <span>Money market yield (also known as CD equivalent yield) is the annualized HPY on the basis of a 360-day year using simple interest. Example An investor buys a $1,000 face-value T-bill due in 60 days at a price of $990. Bank discount yield: (1000 - 990

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