DAY-COUNT CONVENTION
It is used to determine the number of days in a two coupon dates where it is very important in calculating accrued interest. There are several different types of day-count conventions. For example, a 30/360 day-count convention assumes there are 30 days in a month and 360 days in a year. An actual/actual day-count convention uses the actual number of days in the month and year for a given interest period. Nevertheless, these conventions are standards that have developed over time and help to ensure that everybody is on an even playing field when a bond is sold between coupon date.
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