Which of the following statements regarding a Participating Organisation is false?
a) Compliance staff of a Participating Organisation may perform roles such as that of an in-house legal counsel.
b) A Participating Organisation should have an independent compliance function with staff who are suitably qualified and independent from the front office.
c) A Participating Organisation should designate a senior staff from the front office to be responsible for compliance.
d) A Participating Organisation may engage an external service provider to support its compliance arrangements.
A bond matures in five years with a coupon rate of 7% and a maturity value of RM10 million. Given that the interest payment is yearly and the discount rate is 5%, find the Present Value of the bond.