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Suppose that an analyst prefers to convert money market rates to a semiannual bond basis so that the rates are directly comparable to yields on bonds that make semiannual coupon payments. The quoted rate for a 91-day Indian rupee T-bill is 3.50%, quoted as a bond equivalent yield, which means its periodicity is 365/91. We use the periodicity conversion formula covered in a previous lesson to convert from a periodicity m of 365/91 to n of 2:
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