In CFA Book 5, when calculating the effective interest for a floating rate borrower or lender, you need to know the exact number of days in the period. Will the day counts be given on the exam, or how are we expected to know the number of days between 1 November and 5 May?
i am prepared to count on my fingers because you never know… i am hoping that it is a pretty standard day count of something where they will say 2 months.
God i hope they give you the number of days!