A Treasury bill with 109 days to maturity is quoted at 97.630. What are the bank discount yield, the bond equivalent yield, and the effective annual return? Note: Do not round intermediate calculations. Enter your answers as a perce rounded to 3 decimal places. > Answer is complete but not entirely correct. Bank discount yield 7.936 %

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.