Ten municipal bonds were purchased with 9% nominal yield for settlement on February 1, 2015. The maturity date of the bonds is July 1, 2035. What is the number of days of accrued interest on the 10-bond trade

For 2015, the number of days of accrued interest will be:

330 days.

Explanation:

The accrued interest on the municipal bonds purchased with 9% nominal yield for settlement on February 1, 2015 will be 330 days (360 - 30), based on 360 days for a year.  The use of 360 days is based on day-count convention for municipal bonds while 30 days is used as the average for each month and 12 * 30 = 360 days.  For example, if the bonds are worth $100,000, then the accrued interest will be equal to $8,250.  This is calculated as ($100,000 * 9% * 330/360).

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