Answer: $996,500

Using the T-bill discount quotation formula per $100 face value: \[ P = \frac{360}{n}(100 - Y) \] where: - \(P\) = quoted discount rate - \(n\) = days to maturity - \(Y\) = cash price per $100 face value Solve for cash price: \[ Y = 100 - P\cdot\frac{n}{360} \] Substitute the values: \[ Y = 100 - 4.50\cdot\frac{28}{360} = 99.65 \] For $1,000,000 face value: \[ 99.65\times\frac{1,000,000}{100} = 996,500 \] So the correct answer is **$996,500**.

Author: Manit Arora