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==Discount instruments== * US and Canadian T-Bills (short term Government debt) have a different calculation for interest. Their interest is calculated as (100 − ''P'')/''P'' where ''P'' is the price paid. Instead of normalizing it to a year, the interest is prorated by the number of days ''t'': (365/''t'')Β·100. (See also: [[Day count convention]]). The total calculation is ((100 − ''P'')/''P'')Β·((365/''t'')Β·100). This is equivalent to calculating the price by a process called '''discounting at a simple interest rate.'''
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