NO.PZ2018062006000112
问题如下：
A client purchases a 6-year bond at 109.83, and the coupon rate is 8%. The interest is paid annually. Assume the market rate is 6%, which is constant during the whole period. If the client wants to sell the bond at the end of the 5th year. What`s the horizon yield?
选项：
A.8%.
B.6%.
C.7%.
解释：
B is correct.
The sell price of the bond at the end of the 5th year:
N=1，I/Y=6，FV=100，PMT=8 → PV = -101.89
The reinvested coupon payment at the end of the 5th year:
8×1.064+8×1.063+8×1.062+8×1.061+8=45.1
total cash flow at the end of the 5th year =45.1+101.89=146.99
146.99/(1+r)5=109.83
r=0.06
考点：Horizon Yield
解析：第五年末的总现金流包含两个部分，第一个部分是6年债券在第五年末售出的sell price（101.89），第二个部分是前五期coupon的再投资收入（45.1）。
可利用计算器：
1、sell price：N=1，I/Y=6，FV=100，PMT=8 → PV = -101.89
2、再投资收入：N=5，I/Y=6，PV=0，PMT=8 → FV = 45.1
两个部分加总起来是146.99。再对比一开始的初始投资109.83，得到 r=0.06，故选项B正确。
老师好，请问最后一步146.99/(1+r)5=109.83 为什么不能用计算器算？
