The main purpose of this paper is to derive the analytic valuation formulae of ?xed range accrual notes (FiRAN) and ?oating range accrual notes (FlRAN) in the context of an a￠ ne term-structure model incorporating stochastic long-run mean, stochastic volatility and jumps according to the empirical ?ndings of An- dersen et al.(2004). We propose a quasi-analytic pricing and hedging solutions for range accrual notes and these solutions are demonstrated in sensitivity analysis. Our numerical results show all these three factors signi?cantly a¤ect the values and hedging strategies of range accural notes, and the factor of stochastic mean plays the most important role in either valuation or hedging.