本题是默认没有coupon吗？

问题如下：

There is a corporate bond to mature in next year, face value is 100 RMB, the market price is 88, the real default-free interest rate is 2.5%, expected inflation rate is 3% and unexpected inflation rate is 0.5%, please calculate the implied credit risk premium embedded in the corporate:

选项：

A.

5.66%

B.

6.64%

C.

7.64%

解释：

C is correct.

考点：信用补偿与经济周期

$P_t^i={\displaystyle \sum _{s=1}^N\frac{E_t\left[{\widetilde{CF}}_{t+s}^i\right]}{{\left(1+l_{t,s}+{\theta }_{t,s}+{\pi }_{t,s}+{\gamma }_{t,s}^i\right)}^s}}$

解析：直接代入公式可以求出信用补偿：88=100/（1+2.5%+3%+0.5%+γ）

      γ=7.64%