PV of bond (PV of expected loss)

CFA Level II Fixed Income
#1

TT Falmouth Q6. Uses 1 / (1 + credit spread) ^ T to calculate PV

TT Seacrest Q 1. Uses 1 / e ^ creadit spread x T to calculate PV

both are bonds.

What is the difference, how shall I decide?

#2

Problem solved. Seacrest TT tells me the guy assumes continuous compounding.

I NEVER READ THE QUESTION AND THE VIGNETTE CAREFULLY, IT DRIVES ME CRAZY!!!