However, when operating in a bank, where the amount the bank can lend (and therefore get interest) is linked to the value of its assets (including accrued interest), traders usually use daily compounding to discount cash flows. Indeed, even if the interest of the bonds it holds (for example) is paid semi-annually, the value of its book of bond will increase daily, thanks to accrued interest being accounted for, and therefore the bank will be able to re-invest these daily accrued interest (by lending additional money or buying more financial products). In that case, the discount factor is then (if the usual money market day count convention for the currency is ACT/360, in case of currencies such as United States dollar, euro, Japanese yen), with "r" the zero-rate and "T" the time to cash flow in years: