n应该是几

问题如下：

A bond with 5 years remaining until maturity is currently trading for 101 per 100 of par value. The bond offers a 6% coupon rate with interest paid semiannually. The bond is first callable in 3 years, and is callable after that date on coupon dates according to the following schedule:

The bond’s annual yield-to-maturity is closest to:

选项：

A.

2.88%.

B.

5.77%.

C.

5.94%.

解释：

B is correct.

The yield-to-maturity is 5.77%. The formula for calculating this bond’s yield-to-maturity is:

$PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\cdots+\frac{PMT}{{(1+r)}^9}+\frac{PMT+FV}{{(1+r)}^{10}}$

$101=\frac3{{(1+r)}^1}+\frac3{{(1+r)}^2}+\frac3{{(1+r)}^3}+\cdots+\frac3{{(1+r)}^9}+\frac{3+100}{{(1+r)}^{10}}$

r = 0.02883

To arrive at the annualized yield-to-maturity, the semiannual rate of 2.883% must be multiplied by two. Therefore, the yield-to-maturity is equal to 2.883% × 2 = 5.77% (rounded).

考点：YTM

解析：债券每年付息两次，可利用计算器：N=5×2=10，PMT=100×6%/2=3，PV= -101，FV=100，求得I/Y=2.88，再乘2得5.77%，故选项B正确。