RBI sold a 91 days T-bill of face value of ₹100 at a yield of 6%. What was the issue price ?

Issue price of T-bill is at discounted value and redeemed at face value. Maturity period: 91 days Face value: ₹100 Yield rate: 6% or 0.06 Let the issue price of T-bill be X. Then, 0.06 = (100 - X) / X × 365 / 91 0.06 = (100 - X) / X × 4.011 0.06X = 401.1 - 4.011X 4.071X = 401.1 X = 98.53 Therefore issue price is ₹98.53