On which of the following instruments is the rate of return calculated on a 'discount basis'?
1. Certificates of deposit
2. Interbank deposits
3. Commercial paper
4. Repurchase agreements
5. Commercial bills
A. 3 and 5
B. 1, 3 and 4
C. 2, 3 and 5
D. 1 and 3
Answer: Option A
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