这个题涉及的知识点讲解在讲义哪部分？看到题目完全没有概念啊。

问题如下：

Gustave is a fund manager. He is considering adding a 2-year bond in his portfolio with a 7% coupon rate and par value is 100. The inerest of the bond is paid annually. Assuming 1-year's and 2-year's spot rate are 4% and 5% now respectively, the price of the bond is closest to:

选项：

A.

103.78.

B.

102.85.

C.

105.81.

解释：

A is correct.

The bond price is closest to 103.78.

$PV=\frac{PMT}{{(1+Z_1)}^1}+\frac{PMT+FV}{{(1+Z_2)}^2}$

$PV=\frac7{{(1+0.04)}^1}+\frac{100+7}{{(1+0.05)}^2}$

PV = 6.73 + 97.05 = 103.78

考点：bond price

解析：通过现金流折现求和可得债券价格为103.78