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Novosadov [1.4K]
3 years ago
10

Suppose that a Treasury coupon security is purchased on April 8 and that the last coupon payment was on February 15. Assume that

the year in which this security is purchased is not a leap year.
---Answer the following questions.
(b) If the coupon rate for this Treasury security is 7% and the par value of the issue purchased is $1 million, what is the accrued interest?
Business
1 answer:
arsen [322]3 years ago
5 0

Answer:

Accrued Interest = 53 days x Daily interest of 191.78 = $10,164.34

Explanation:

Suppose that a Treasury coupon security is purchased on April 8 and that the last coupon payment was on February 15. Assume that the year in which this security is purchased is not a leap year.

If the coupon rate for this Treasury security is 7% and the par value of the issue purchased is $1 million, what is the accrued interest?

Interest per day = 0.07 x 1,000,000 / 365 =191.78

Feb 15 to Apr 8 = 53 days

Accrued Interest = 53 days x Daily interest of 191.78 = $10,164.34

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