Hull always take account of day counting conventions when (say) working out a eurodollar futures price from the underlying LIBOR rates. Are we expected to do this in the exam, or is it beyond the syllabus?
Only mention of any day-count conventions from the core reading (that I can recall) is when it talks about measuring historical volatility over trading days rather than calendar days. Although, I obviously take Muppet's point... I guess they could reasonably ask us to work out something simple from first principles, but I would think it would have to be prefaced with a proper explanation of what day-count conventions actually were.
