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  1. Treasury Bills

    Linked via "bond-equivalent yield"

    Discount Basis and Yield Calculation
    T-bills are sold at a discount to their face value ($FV$). The investor’s return is the difference between the purchase price ($P$) and the face value received at maturity. This return is conventionally quoted using a bond-equivalent yield ($Y_{BE}$) or, more commonly in primary markets, a discount yield ($\text{Discount Rate}$).
    The discount yield is calculated based on a $360$-day year convention, irrespective of the actual number of days to maturity:

  2. Treasury Bills

    Linked via "Bond Equivalent Yield"

    Where $D$ is the number of days to maturity.
    Conversely, the actual yield realized by the investor (the Bond Equivalent Yield, which annualizes the return based on a $365$-day year) must account for the actual holding period:
    $$Y_{BE} = \frac{FV - P}{P} \times \frac{365}{D}$$