not have a fixed rate of interest over the life of the instrument. Floating interestrates typically change based on a reference rate (a benchmark of any
textbook. Witt's book gave tables based on 10% (the maximum rate of interest allowable on loans) and other rates for different purposes, such as the valuation
Interestrate parity is a no-arbitrage condition representing an equilibrium state under which investors compare interestrates available on bank deposits