Accrued Interest
	Settlement date	24-Oct-14	24-Nov-14	24-Dec-14
Maturity date	1-Sep-24	1-Sep-24	1-Sep-24
Annual coupon rate	0.05	0.05	0.05
Yield to maturity	0.04	0.04	0.04
Redemption value(% of par)	100	100	100
Coupon payments per year	2	2	2
Flat price(% of par)	108.07	108.02	107.96
Days since last coupon	53	84	114
Days in coupon period	181	181	181
Accrued interest	0.73	1.16	1.57
Invoice price	108.80	109.18	109.53
Question 2.1 In this case the flat or quoted price of the bond declines over time, but the invoice price increase. Explain why this is so.
Question 2.2 The invoice price of this bond will experience a large movement between February 25 and March 5, 2015. How big is the change?
Be sure to explain whether it is positive or negative.
Question 2.3 What is the flat or quoted price of this bond on August 31, 2024 (the day before maturity)?
Question 2.4 What will be the invoice(or sales or dirty)price of the bond that day?