折现率的问题为什么没有被考虑呢？

问题如下：

If interest rates fall over the holding period, the total return of a coupon bond held until maturity is most likely to be:

选项：

A.less than the yield to maturity at purchase. B.equal to the yield to maturity at purchase. C.greater than the yield to maturity at purchase.

解释：

A is correct.

If the market YTM for the bond, our assumed reinvestment rate, rises (falls) immediately after investment, a buy-and-hold investor's realized return will be higher (lower) than the YTM of the bond when purchased.

考点：Annualized holding period return

解析：如果市场利率即再投资利率，在投资后立即上升(下降)，那么买入并持有至到期的投资者的实际回报将高于(低于)购买债券时的YTM。