Good morning. I would like to ask you some clarifications about the "quotations" of Treasury Bills and Treasury Bonds.
Quoting "J.C. Hull":
In general, the relationship between the cash price and quoted price of a Treasury bill in the United States is $$P=\frac{360}{n}(100-Y)$$ where P is the quoted price, Y is the cash price, and n is the remaining life of the Treasury bill measured in calendar days.
So the quotation in this case is equivalent to the yield?
The quoted price of Treasury bond, which traders refer to as the clean price, is not the same as the cash price paid by the purchaser of the bond, which is referred to by traders as the dirty price. In general:
Cash price = Quoted price + Accrued interest since last coupon date
But, in this case, how is the "Quoted price" determined? Is it equivalent to bond yield, applying the same formula?