关于CFAL1的notes第五本，债券远期的折现问题

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看到CFAL1的，notes第五本，forward markets and contracts，里面关于零息债券远期有这样一段话：As we noted earlier, T-bill prices are often quoted as a percentage discount from face value. The percentage discount for T-bills is annualized so that a 90-day T-bill quoted at a 4% discount will be priced at a (90/360) X 4% equivalent to a price quote of (1一0.01) X$1,000 ，1% discount from face value. This is $990 per $1,000 of face value.
按照的定价或者现值，不是应该采用1000/(1+0.01)来计算么？
Example: Bond forwards
A forward contract covering a $10 million face value of下bills that will have 100 days
to maturity at contract settlement is priced at 1.96 on a discount yield basis. Compute
the dollar amount the long must pay at settlement for the T bills.
Answer----------，-----------一
The 1.96% annualized discount must be "unannualized" based on the 100 days to
maturity.
0.0196 x (100/360)=0.005444 is the actual discount.
The dollar settlement price is (1一0.005444)/$10 million=$9,945,560
后面的这个例子也没看懂，各位大牛们能给出一个详细的解释么？非常感谢

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关键词：notes note cfal CFA not 债券 notes 远期

1# xhuwer 下来看看

一直在等答案，没有人可以回答我么，请给我一个解释吧，谢谢啦

这叫Dollar discount，10%不是interest rate也不是coupon rate，T-bill就是这么计价的，而且是Annualized.翻译过来就是你别把它当成折现，而是折价