The correct answer is c) 96
interest is the interest that is due to the seller
of a bond since the last day they were paid. Corporate
bonds pay interest on a 30 day month/360 day year
basis. They also settle on the 3rd business day following
the trade date (T+3). The trade settles on Friday
October 7th. The last pay date was July 1st. The customer
is owed 30 days for July, 30 days for August , 30
days for September and 6 days for October. You do
not include the settlement date of the 7th.
© 2004 American Investment Training, Inc.
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