Clean Price
The clean price of a bond is the quoted price excluding accrued interest; the dirty price, paid at settlement, equals the clean price plus accrued interest.
Example: A bond with par 100 and a 4% annual coupon (paid semiannually) has a clean price quoted at 101.20. With 0.50 accrued interest per 100 of par, the dirty price at settlement would be 101.70.
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