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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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Use the knuckle trick for 30/31 day months! yes

“Mmmmmm, something…” - H. Simpson

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breadmaker wrote:

Use the knuckle trick for 30/31 day months! yes

What I am saying is that I do not know which months have 30/31 days off the top of my head. So how can I expect to parry questions when I dont know what the numerator of t/T will be? 

Of course, February is the exception to the rule.

“Mmmmmm, something…” - H. Simpson

They’re not going to give you incorrect answer choices that have the wrong number of days for a given month.

That’s not the point of the exam.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

breadmaker wrote:

Of course, February is the exception to the rule.

Wow, truly amazing. How did I make it to this age without this.

S2000magician wrote:

They’re not going to give you incorrect answer choices that have the wrong number of days for a given month.

That’s not the point of the exam.

I was hoping you would show up. So if this is the case, should I default to the 30/360?

Lloydas1 wrote:
S2000magician wrote:
They’re not going to give you incorrect answer choices that have the wrong number of days for a given month.

That’s not the point of the exam.

I was hoping you would show up. So if this is the case, should I default to the 30/360?

I would.

It will get you close enough to the correct answer.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

There is also a BOND worksheet that lets you do either 30/360 or exact days for bond pricing!!! enlightened

“Mmmmmm, something…” - H. Simpson

S2000magician wrote:

Lloydas1 wrote:
S2000magician wrote:
They’re not going to give you incorrect answer choices that have the wrong number of days for a given month.

That’s not the point of the exam.

I was hoping you would show up. So if this is the case, should I default to the 30/360?

I would.

It will get you close enough to the correct answer.

+1

mrow