Calculating the full price of a bond
When calculating the full price of a bond and the question does not specify the actual day convention or 30/360 convention, how will I know which one to use. MM states that if its a corporate bond to use the 30/360 convention. Also, in his video he mentions leap years and many other questions using the actual day convention incorporate months that have 31 days. This is embarrassing, but I do not know the specific months that have more or less than 30 days (other than February which has 28). Am I screwed for these types of questions; how do i proceed?
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