A Treasury bill quoted at 7.00 is interpreted as a discount rate of 7.00% on a 360-day basis.

1. Compute the bill price:

   $$P = 100\left(1 - 0.07\times\frac{72}{360}\right)=98.6$$

2. Convert this to a continuously compounded return over 72 days, annualized on an actual/365 basis:

   $$r = \frac{365}{72}\ln\left(\frac{100}{98.6}\right) \approx 0.07147$$

So the continuously compounded return is approximately 7.14737% per annum.