问题
单项选择题
A Treasury bill (T-bill) with 38 days until maturity has a bank discount yield of 3.82 percent. Which of the following is closest to the money market yield on the T-bill（）
A. 3.81%.
B. 3.84%.
C. 3.87%
答案
参考答案：B
解析：
The formula for the money market yield is: [360×bank discount yield]/[360-(t×bank discount yield)]. Therefore, the money market yield is: [360×0.0382]/[360-(38×0. 0382)]=0.0384, or 3.84%. Alternatively: Actual discount=3.82%×(38/360)=0.4032%. T-Bill price=100-0.4032=99.5968%. HPR=(100/99.5968)-1=0.4048%. MMY=0.4048%×(360/38)=3.835%.