The Grand Palace hotel has been in operation for over 10 years now. The hotel provides premium services to all its high-profile guests. The clients are extremely happy with the hotel services and quite a few of its guests have become regular visitors. This loyalty toward the hotel is an example of . Ritzo is a famous branded watch manufacturing company. It produces separate sets of watches for men and women, keeping in mind their preferences. This kind of segmentation is an example of .

Bonds often pay a coupon twice a year. for the valuation of bonds that make semiannual payments, the number of periods doubles, whereas the amount of cash flow decreases by half. using the values of cash flows and number of periods, the valuation model is adjusted accordingly. assume that a $1,000,000 par value, semiannual coupon us treasury note with three years to maturity has a coupon rate of 3%. the yield to maturity (ytm) of the bond is 7.70%. using this information and ignoring the other costs involved, calculate the value of the treasury note: