Ninety days ago, you purchased a 180-day Treasury bill with a face value of $100,000. At that time, the yield to maturity on the bill was 4.0% p.a. The current yield to maturity on the bill is 5.0% p.a. The price of the bill today is closest to: Group of answer choices $97,594. $98,066. $98,782. $99,023.

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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.