The correct answer is C. Accrued interest, as it does not depend on the market discount rate.

• A. Flat price is incorrect because it is directly influenced by changes in the market discount rate.
• B. Full price is incorrect because it includes the flat price, which is affected by the market discount rate, along with accrued interest.

Accrued interest is calculated based on the time elapsed since the last coupon payment and is not impacted by the yield-to-maturity or market discount rate.