A 365-day year bank certificate of deposit has an initial principal amount of USD96.5 million and a
Question:
A 365-day year bank certificate of deposit has an initial principal amount of USD96.5 million and a redemption amount due at maturity of USD100 million. The number of days between settlement and maturity is 350. The bond equivalent yield is closest to:
A. 3.48%.
B. 3.65%.
C. 3.78%.
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Step by Step Answer:
The bond equivalent yield can be calculated using the following formula Bond Equiv...View the full answer
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