Investment of $20,000 in excess short-term cash in money marketinvestment. Prospectus quot
Investment of $20,000 in excess short-term cash in money marketinvestment. Prospectus quotes the instrument at a true yield of3.15% that is the EAR for this investment is 3.15%. Treasurer wantsto know the money market yield on this investment to make itcomparable to the T-bills and Cds already have. Term is 90 days,what is the bond equivalent and discount yields on theinvestment.