NO.PZ2018062006000057
问题如下：
The detailed information of bond X bond Y can be described:
Coupon rate of bond X is 6%; and that of bond Y is 4%；
Both of the bonds have a maturity of 3 years, and they have the same par value as well (Par value=100).
We know that the interest is paid annually, and the market discount rate is 5% at the moment. Which bond has a lower price?
选项：
A.
Bond X
B.
Bond Y
C.
The price of X and Y are equal
解释：
B is correct.
考点：bond valuation
解析：利用计算器：
Bond X: N=3, I/Y=5, FV=100, PMT=6, → PV= -102.72
Bond Y: N=3, I/Y=5, FV=100, PMT=4, → PV= -97.28
债券Y的价格更低，故选项B正确。
我理解其他条件一致, coupon越少价格应该越便宜才能吸引购买？
