Synthetic Cash / Equity regarding, regular, moving, versus, equity

jbaldyga

Can anyone explain to me when we're supposed to use the "synthetic equity formula"

e.g. equitizing t-bills=

(Vp*(1+Rf)^T)/(Pf*Multiplier)


versus using the regular formula (moving beta up from zero)

(Bt-0)/Bf * (Vp/Pf*multiplier)


I don't see a clear distinction regarding when to use one over the other?