Which of the following formula is used to calculate the yield of treasury bills (T-bills) where
Y = Discounted yield
P = Price
D = Days to maturity
1
\(\rm Y=\frac{P \times 365 \times 100}{P \times D} \)
2
\(\rm Y=\frac{D \times 365 \times 100}{P \times D} \)
3
\(\rm Y=\frac{(100-P) \times 365 \times 100}{P \times D} \)
4
\(\rm Y=\frac{(100-D) \times 365 \times 100}{P \times D}\)