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a) From the following sets of figures (i) Calculate the bank discountrate on each T-bill and(ii) Convert that rate to theappropriate investment (or coupon equivalent) yield. – A new three-month T-bill sells for US98.25 on a US$100 basis. – The investor can buy a new 12-month T-bill for US$96 on a US$100basis.– A 30 – day bill is available from agovernment securities dealer at a price of US$97.50 (per US$100). Calculate the holding – period yield for the followingsituations:The investor buys a new 12 – month T-bill at a discount rate of7½ percent. Sixty days later, the bill is sold at a price thatresults in a discount rate of 7 percent.A large manufacturing corporation acquired a T-bill in thesecondary market 30 days from its maturity but is forced to sellthe bill 15 days later. At time of purchase, the bill carried adiscount rate of 8 percent, but was sold at Discount Rate of 7¾percent.