                               385

  13-     $6 .   -
          $2 .
,       $4 ., 
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    .

   Wall Street Journal    ,
 ,  ,  .  . 14.4  -
 ,  13  1993 .    
         12 -
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 .   ,    
120 ,   :  7,48%,  7,19%.    
     360/120 (  -
  360- ).    , 
7,48%,      120/360.    2,493%. 
,      97,507% (100%  2,493%)  
,   $9750,70    , 
   $10 000.

Here are the details of yesterday's auction by the Treasury of 13-week and 26-week bills:Rates are determined by the difference between the purchase price and face value. Thus, higher bidding narrows the investor's return while lower bidding widens it. The percentage rates are calculated on a 360-day year, while the coupon equivalent yield is based on a 365-day year. 13-Week 26-Week Applications ....................... $55,775,696,000 $48,878949,000
Accepted bids .................... $13,073,996,000 $13,080,408,000
Accepted at low price............................. 22% 76%
Accepted noncompet'ly $1,118,192,000 $861,510,000
Average price (Rate).............. 99,227 (3,06%) 98,352 (3,26%)
High price (Rate) ................... 99,229 (3,05%) 98,362 (3,24%)
Low price (Rate) .................... 99,227 (3,06%) 98,352 (3,26%)
Coupon equivalent.............................. 3,12% 3,36%
CUSIP number............................. 912794J54 912794L28
Both issues are dated Dec. 16. The 13-week bills mature March 17,1994, and the 26-week bills mature June 16,1994.

. 14.4.      ,
 13  1993 .

: Wall Street Journal, Dow Jones &Company, Inc., December 14,1993, p. C19.