A US treasury note with exactly 4 years to maturity can be broken down into, at most: a) 2 treasury strips b) 4 treasury strips c) 5 treasury trips Answer is C. But treasury notes pay a coupon semi-annually, so why isn’t the answer 9?

In the errata…

Thx

How?

8 + a zero? = 9. it is def an error.

Ans should ne 9 instead of 5

How are you getting 9?

(4 * 2) = 8 semiannual coupon payments + 1 principal payment = 9