可以直接用远期利率计算吗？

NO.PZ2019070101000039 问题如下 The current 1-yespot rate = 5%, the 1-yeforwarrate one yefrom toy is 6.65%, the 1-yeforwarrate two years from toy = 7.82%, 1-yeforwarrate three years from toy is 8.45%. What's the priof a 4-yebonThe bonha pvalue of 100 anha coupon rate of 8% paiannually. A.$101.211. B.$98.987. C.$103.875. $105.245. C is correct考点ForwarRate 计算解析先计算spot rateS1=5%S2=[(1.05)(1.0665)]1/2-1=5.82%S3=[(1.05)(1.0665)(1.0782)]1/3-1=6.48%S4=[(1.05)(1.0665)(1.0782)(1.0845)]1/4-1=6.97% 第二步，计算债券价格P=$81.05+$81.05822+$81.06483+$1081.06974=$103.875\text{P=}\frac{\$8}{1.05}+\frac{\$8}{1.0582^2}+\frac{\$8}{1.0648^3}+\frac{\$108}{1.0697^4}=\$103.875P=1.05$8​+1.05822$8​+1.06483$8​+1.06974$108​=$103.875 8/(1.05)+8/(1.05*1.065)+8/(1.05*1.065*1.0782)+108/(1.05*1.0665*1.0782*1.0845%)

NO.PZ2019070101000039问题如下The current 1-yespot rate = 5%, the 1-yeforwarrate one yefrom toy is 6.65%, the 1-yeforwarrate two years from toy = 7.82%, 1-yeforwarrate three years from toy is 8.45%. What's the priof a 4-yebonThe bonha pvalue of 100 anha coupon rate of 8% paiannually. A.$101.211. B.$98.987. C.$103.875. $105.245. C is correct考点ForwarRate 计算解析先计算spot rateS1=5%S2=[(1.05)(1.0665)]1/2-1=5.82%S3=[(1.05)(1.0665)(1.0782)]1/3-1=6.48%S4=[(1.05)(1.0665)(1.0782)(1.0845)]1/4-1=6.97% 第二步，计算债券价格P=$81.05+$81.05822+$81.06483+$1081.06974=$103.875\text{P=}\frac{\$8}{1.05}+\frac{\$8}{1.0582^2}+\frac{\$8}{1.0648^3}+\frac{\$108}{1.0697^4}=\$103.875P=1.05$8​+1.05822$8​+1.06483$8​+1.06974$108​=$103.875 这道题不算spot rate，直接用forwarrate可以吗比如第四期CF折现 108 / (1+f3)(1+f2)(1+f1)(1+s1)

NO.PZ2019070101000039 Forwarrate对应的具体位置还是有点模糊，视频里是往回倒推1期，还是麻烦画个图看的清楚点

老师 这道题的意思我觉得是1到3年的远期利率为7.82% 。所以3年的即期利率是（1+5%）*（1+7.82%）的平方 整体再打包开三次方-1