请问必须算两个以上吗？有没有简便方法？

问题如下：

A fixed income analyst, Tam, compiles pricing data for a list of annual pay bonds (Exhibit 1). The bonds will mature in two years, and Tam considers the bonds as being risk-free; both the one-year and two-year benchmark spot rates are 3%.

Based on Exhibit 1, which of the following bonds includes an arbitrage opportunity?

选项：

A.

Bond A

B.

Bond B

C.

Bond C

解释：

B is correct.

考点：无套利定价

解析：

对于Bond B用Spot rate对其进行定价，有：

$\frac3{1+3\%}+\frac{103}{\left(1+3\%\right)^2}=100>98.9963$

高于市场价格，因此存在套利空间；Bond A和Bond C定价合理。