By convention, money market securities' yields are always quoted as:

Which of the following statements is **NOT** correct? Money market securities are:

A **90** day bank bill has a face value of $**100,000**.

Investor A bought the bill when it was first issued at a simple yield to maturity of **3**% pa and sold it **20** days later to Investor B who expected to earn a simple yield to maturity of **5**% pa. Investor B held it until maturity.

Which of the following statements is **NOT** correct?

A bank bill was bought for $99,000 and sold for $100,000 thirty (30) days later. There are 365 days in the year. Which of the following formulas gives the **simple** interest rate per annum over those 30 days?

Note: To help you identify which is the correct answer without doing any calculations yourself, the formulas used to calculate the numbers are given.