Hope someone may be able to point out what I am missing - Q14 on pg160 of book3 (Schweser) Why is it semi-annual compounding? Isn’t the investor willing to accept a 8.5% return at a min, so doesn’t really care how it is generated? (thus min investment at 8.5% for 6yrs) The manager is the one actively trying to return higher with the semi-annual 25yr bond?