<html><head><style type="text/css"><!-- DIV {margin:0px;} --></style></head><body><div style="font-family:times new roman, new york, times, serif;font-size:12pt"><DIV>Professor,</DIV>
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<DIV>Could you please help me with the setup of problem 7 on the practice exam? We are bootstrapping, right? I feel I am still getting confused on this.</DIV>
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<DIV>Also, question about FRAs - after you have found the amount you will receive or pay, you have to discount it. In the denominator, you have to use time. Is it 1+(r*t) or is it (1+r)^t. Could you clarify this for me?</DIV>
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<DIV>Thanks,<BR>Darin</DIV></div><br>
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