NO.PZ2016031001000076
问题如下:
A 5-year, 5% semiannual coupon payment corporate bond is priced at 104.967 per 100 of par value. The bond’s yield-to-maturity, quoted on a semiannual bond basis, is 3.897%. An analyst has been asked to convert to a monthly periodicity. Under this conversion, the yield-to-maturity is closest to:
选项:
A.
3.87%.
B.
4.95%.
C.
7.67%.
解释:
A is correct.
The yield-to-maturity, stated for a periodicity of 12 (monthly periodicity), is 3.87%.The formula to convert an annual percentage rate (annual yield-to-maturity) from one periodicity to another is as follows:
APR12 = 0.00322 × 12 = 0.03865, or approximately 3.87%.
考点:APR的转换
解析:这里考查的是不同计息频率的收益率之间的转换。一年计息两次的年化收益率,即APR2 ,转换到一年计息12次的APR12 ,可以同时转换到一年计息一次(相当于一个过渡)。即(1+APR2 /2)2 =1+EAR=(1+APR12 /12)12 ,得到APR12 为3.87%。
这里求出或者看出一年计息两次的变化收益率是3.897%之后怎么按计算器求出最终答案?题目是要求按出计息12次的年化收益率吗?