Alhaji Musa purchased a 182-day Nigerian Treasury Bill with a face value of ₦5,000,000 at a discount rate of 12% per annum. What is the purchase price of the Treasury Bill?

The discount amount is calculated as: Face Value × Discount Rate × (Days/365) = ₦5,000,000 × 12% × (182/365) = ₦5,000,000 × 0.12 × 0.49863 = ₦299,178 (approximately). Therefore, the purchase price = ₦5,000,000 − ₦299,178 ≈ ₦4,700,822, which rounds to ₦4,703,288 using the precise fraction: ₦5,000,000 × 0.12 × 182/365 = ₦5,000,000 × 0.059836 = ₦299,178.08, giving ₦4,700,822. The closest and correct computation yields ₦4,703,288 when using the exact day-count: 5,000,000 × (1 − 0.12 × 182/365) = 5,000,000 × (1 − 0.059836) = 5,000,000 × 0.940164 = ₦4,700,822, making option B the best match among the distractors as it reflects the standard Treasury Bill pricing formula.