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I refer my question to page 171 under Practice questions (# 12 Blue – Question C)
In the answer for debt calculation there is $78 at time zero. Kindly explain how you got that.
The question says that the interest is about to be paid (and the interest on $100 nominal is $12). Therefore it is quoted cum int, and the ex int market value = 90 – 12 = $78.
Thank you Sir!
You are welcome 🙂