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Pythias · 2024年05月11日

请老师帮忙看一下我的问题在哪里

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000027

问题如下：

A bond issued by RTR pays a quarterly coupon of 3.25%, has three years to maturity, and is currently trading at 97.28. The semiannual bond basis yield is closest to:

选项：

A.

1.055%

B.

2.121%

C.

4.242%

解释：

C is correct. As a first step, we need to calculate the quarterly yield and annualize it:


The next step is to convert the annualized quarterly yield to the semiannual bond basis yield.


A is incorrect because 1.0550% is the yield per quarter.
B is incorrect because 2.1100% is the yield per quarter (1.0550%) multiplied by 2.

这道题的输入是PMT=3.25/4，N=12，PV=-97.28，FV=100

如果我用PMT=3.25/4，N=12，PV=97.28，FV=-100计算，错在哪里呢

我记忆中PV和FV谁正谁负是没有区别的，只要两者符号相反即可，为什么算出来的结果不一样呢

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已采纳答案

吴昊_品职助教 · 2024年05月12日

嗨，努力学习的PZer你好：


1、我们在利用计算器第三行的时候，除了要注意PV和FV方向相反，还有一点要注意的是：FV和PMT方向相同。你的问题就在这里了。

2、PV是零时刻付出去的，所以取负；PMT和FV都是收到的，所以取正，这是最顺的理解方式。如果你要反过来，那就是PV取正，FV和PMT同时都取负才可以。

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