Use the historical auction data on TreasuryDirect to answer the following. Find the price paid for a 91-day T-bill with par value $100 issued on January 10, 2019 and maturing on April 11, 2019.

(a) Calculate the rate of interest that a purchaser of this bill would earn over the period, and convert this to an annual investment rate. Verify that your answer corresponds to the published investment rate.

(b) Calculate the discount rate and verify that your answer corresponds to the published high rate.

(c) Determine how much the investor would have paid for this asset if the investment rate was 1.5%. (Round to two decimal places)

(d) Determine how much the investor would have paid for this asset if the discount rate was 1.5%. (Round to two decimal places)

TREASURY OFFERING ANNOUNCEMENT Term and Type of Security Security Description Offering Amount Currently Outstanding CUSIP Number Auction Date Original Issue Date Issue Date Maturity Date 91-Day Bill 13-Week Bill $39,000,000,000 $41,999,000,000 912796RG6 January 07, 2019 October 11,2018 January 10, 2019 April 11,2019 Maximum Award Maximum Recognized Bid at a Single Rate NLP Reporting Threshold NLP Exclusion Amount $13,650,000,000 $13,650,000,000 $13,650,000,000 $14,700,000,000 Minimum Bid Amount and Multiples Competitive Bid Rate Increments Maximum Noncompetitive Award Eligible for Holding in TreasuryDirect Estimated Amount of Maturing Bills Held by the Public Maturing Date SOMA Holdings Maturing SOMA Amounts Included in Offering Amount FIMA Amounts Included in Offering Amount3 $100 0.005% $5,000,000 Yes $89,993,000,000 January 10, 2019 0 Yes Noncompetitive Closing Time Competitive Closing Time 11:00 a.m. ET 11:30 a.m. ET CUSIP Security Type Select Filter Bill Bill Bill Bond Note Note Bill Security Term Auction Date Issue Date Maturity Date Price per $100 912796QR3 912796UN7 912796US6 912810SE9 9128285M8 9128285V8 912796RG6 26-Week 4-Week 8-Week 29-Year 10-Month 9-Year 10-Month 3-Year 13-Week 01/14/2019 01/10/2019 01/10/2019 01/10/2019 01/09/2019 01/08/2019 01/07/2019 01/17/2019 01/15/2019 01/15/2019 01/15/2019 01/15/2019 01/15/2019 01/10/2019 07/18/2019 02/12/2019 03/12/2019 11/15/2048 11/15/2028 01/15/2022 04/11/2019 98.756333 99.814889 99.628222 106.635985 103.398824 99.830664 99.390806 TREASURY OFFERING ANNOUNCEMENT Term and Type of Security Security Description Offering Amount Currently Outstanding CUSIP Number Auction Date Original Issue Date Issue Date Maturity Date 91-Day Bill 13-Week Bill $39,000,000,000 $41,999,000,000 912796RG6 January 07, 2019 October 11,2018 January 10, 2019 April 11,2019 Maximum Award Maximum Recognized Bid at a Single Rate NLP Reporting Threshold NLP Exclusion Amount $13,650,000,000 $13,650,000,000 $13,650,000,000 $14,700,000,000 Minimum Bid Amount and Multiples Competitive Bid Rate Increments Maximum Noncompetitive Award Eligible for Holding in TreasuryDirect Estimated Amount of Maturing Bills Held by the Public Maturing Date SOMA Holdings Maturing SOMA Amounts Included in Offering Amount FIMA Amounts Included in Offering Amount3 $100 0.005% $5,000,000 Yes $89,993,000,000 January 10, 2019 0 Yes Noncompetitive Closing Time Competitive Closing Time 11:00 a.m. ET 11:30 a.m. ET CUSIP Security Type Select Filter Bill Bill Bill Bond Note Note Bill Security Term Auction Date Issue Date Maturity Date Price per $100 912796QR3 912796UN7 912796US6 912810SE9 9128285M8 9128285V8 912796RG6 26-Week 4-Week 8-Week 29-Year 10-Month 9-Year 10-Month 3-Year 13-Week 01/14/2019 01/10/2019 01/10/2019 01/10/2019 01/09/2019 01/08/2019 01/07/2019 01/17/2019 01/15/2019 01/15/2019 01/15/2019 01/15/2019 01/15/2019 01/10/2019 07/18/2019 02/12/2019 03/12/2019 11/15/2048 11/15/2028 01/15/2022 04/11/2019 98.756333 99.814889 99.628222 106.635985 103.398824 99.830664 99.390806