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4. In a repurchase agreement an asset, often a Treasury bond, is used as collateral. Let P denote the market price of the bond. The

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4. In a repurchase agreement an asset, often a Treasury bond, is used as collateral. Let P denote the market price of the bond. The bond is often sold with a "haircut, meaning the price of the bond for the transaction is below the market price. Let p be the price of the bond in the repo agreement. Then p

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