I'm referring to the legendary John Hull's derivatives book. In page 134 of chapter 6 he shows you how to get the conversion factor of an interest rate future. The answer before dividing by face value is 146.23. I cannot get anywhere near this answer. Can someone please explain the math? Thank you.
Solution enclosed. Make sure you're only doing the summation for the first term, then adding it to the second term at the end.
thank u noregrets, i really appreciate it! i was not summing the first term 40 times, i only did it once, that was my problem.