Answer: 6.50

First convert the cash price into a price per $100 face value: \[ \frac{967,500}{1,000,000/100} = 96.75 \] Then apply the T-bill discount quote formula: \[ P = \frac{360}{n}(100 - Y) \] With \(n = 180\) and \(Y = 96.75\): \[ P = \frac{360}{180}(100 - 96.75) = 2 \times 3.25 = 6.50 \] So the correct answer is **6.50**.

Author: Manit Arora