15. A $100 par bond that pays a semi-annual coupon with coupon rate of 6.0% settles on 5/31/2013 and matures in 1.5 years on 11/30/2104. The price of the bond is $107.44 as the six month forward rates are 0.5%, 1.0%, and 1.5%, where each forward rate is the sum of a term structure rate and a constant spread of 30 basis points: Par: 100 Coupon, pay s.a. 6.00% Settlement on 5/31/2013, with maturity of 1.5 years Price 11/30/2013 5/31/2014 11/30/2014 Forward rates 0.500% 1.000% 1.500% $107.44 Term structure 0.200% 0.700% 1.200% Spread 0.300% 0.300% 0.300% After six months, as of 11/30/2013, excluding the cash carry (i.e., excluding the coupon), which is nearest to the carry-roll-down after six months under an assumption of realized forwards