Not sure if any of you has noticed this difference: this drove me crazy this morning for a swap question
See CFA mock 2011 morning Q.7: after 45 days into the swap, they still quote the rate for 90,180,270,360 terms
But all problems I see in Schwswee, they automatically deduct the days into the swap; they would have quoted it as 45,135,225,315 terms
Why is there a inconsitstency between the two? I got to keep trying n trying scratching my head with it and realize CFAI uses different quote convention
Anyone encounter/ catch that difference like me?
Sigh…doing this swap problem make me want to throw off honestly. Totally not worth all the time you gotta spend on them