Which money market instruments are typically quoted on a discount basis? What is the bond equivalent yield of a 180-day, $1 million face value Treasury bill with a discount rate of 4.5%? For which money market instruments are rates calculated on the basis of par value rather than purchase price? Also, you would like to purchase a T-bill that a $10,000 face value and 270 days to maturity. The current price is $9,860. What is the discount rate on this security? What is its bond equivalent?