If a $10,000 par T-bill has a 3.75 percent discount quote and a 90-day maturity, what is the price of the T-bill to the nearest dollar? Group of answer choices $9,625. $9,906. $9,908. $9,627.

$9,906

Explanation:

As per given data

Discount rate = 3.75%

Number of days to maturity = 90 days

To calculate the price, we need the number of days until maturity and the  interest rate. Multiply Number of days until maturity by the interest rate in percent and divide the outcome by 360, (Treasury uses assumptions of 360-day years).   Now, subtract the result number from $10,000. It will give you the price of Treasury bill with a face value of $10,000.

Price of T-bill = 10,000 x [1 - ( 0.0375 x 90/360 ) ] = $9,906

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