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SEVEN澤🐻 · 2023年12月22日

老师好，请问该题计算器该怎么按？

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000024

问题如下：

A four-year, 2.0% semiannual coupon bond that pays coupons semiannually is trading at a price of 102.581. The bond’s annualized yield-to-maturity is closest to:

选项：

A.

0.67%.

B.

1.34%.

C.

2.22%.

解释：

B is correct. Two approaches to calculating the yield-to-maturity are calculating an IRR or using the YIELD function in Microsoft Excel or Google Sheets. The periodic IRR is annualized by multiplying by two.


A is incorrect because 0.67% is the periodic, not annualized, yield-to-maturity.

C is incorrect. Note that this choice can be eliminated because the bond is trading at a premium; thus its yield-to-maturity is lower than its coupon rate of 2.0%.

老师好，请问该题计算器该怎么按？

N=8, PMT=1, PV=102.581,按出来都是error

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2 个答案

吴昊_品职助教 · 2024年11月11日

嗨，从没放弃的小努力你好：


债券的面值FV是默认的，不是100就是1000。

“trading at a price of 102.581”，现在题目中的交易价格是102.581，价格在100左右，所以默认债券面值为100；

如果题目将交易价格更换为1025.81，在1000左右，那默认债券面值就是1000。

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吴昊_品职助教 · 2023年12月22日

嗨，爱思考的PZer你好：


计算器第三行：N=8，PMT=1，FV=100，PV= -102.581，求得I/Y=0.6676=0.67%

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Elena. · 2024年11月11日

老师，题目中什么条件说明了FV=100，好多题没说但总用

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