Answer :
The best answer is a dollar price quoted to a 4.90 basis. If a government securities dealer quotes a 3-month treasury bill at 5.00 bid - 4.90 ask, a customer who wishes to buy 1 treasury bill will pay a dollar price quoted to a 4.90 basis.
Treasury Bills are quoted on a yield basis. From the basis quote, the dollar price is calculated. A customer who wishes to buy will pay the "Ask" of 4.90. This means that the dollar price will be calculated by deducting a discount of 4.90 percent from the minimum par value of $100. This is the discount earned over the life of the T-bills.
A Treasury bill is a short-term (maturity of less than one year) debt obligation issued by the US government in $1,000 increments. "T-bills," commonly called, are sold at auction. These government bonds do not pay regular interest but are sold at a discount to face value, with investors getting the total face value at maturity. Once issued, these can be traded through a brokerage account in the secondary market.
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