on bills are quoted in a special way. Unlike bonds that pay coupon inter- est, Treasury bill values are quoted on a bank discount basis, not on a price basis. The yield on a bank discount basis is computed as follows:   Yd D 360 = ---- ´--------- F t     where:   Yd = annualized yield on a bank discount basis (expressed as a dec- imal) D = dollar discount, which is equal to the difference between the face value and the price F = face value t = number of days remaining to maturity   For example, Exhibit 3.3 presents the PX1 Governments screen from Bloomberg. Data for the most recently issued bills appear in the upper left-hand corner. The first and second columns indicate the secu- rity and its maturity date. In the third column, there is an arrow indicat- ing an up or down tick for the last trade. The fourth column indicates the current bid/ask rates. A bond-equivalent yield (discussed later) using the ask yield/price is contained in column 5. The last column contains the change in bank discount yields based on the previous days closing rates as of the time posted. Exhibit 3.4 presents the same information for all outstanding bills (page PX2). The current/when issued bills maturity dates are highlighted. Other important market indicators are contained in the lower right-hand corner of the screen. Given the yield on a bank discount basis, the price of a Treasury bill is found by firstsolvingtheformulaforYdtoobtainthedollardiscount (D), as follows:   D=Yd´F´(t/360)   The price is then   price = F - D       Source: Bloomberg Financial Markets     Using the information in Exhibit 3.3, for the current 28-day bill with a face value of $1,000, if the offer yield on a bank discount basis is