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ditto · 2024年09月28日

类似的模型， 有些题FV=0, 有些FV=100，请问差别在哪里

  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%.

本题计算器FV=100是说到期返还coupon ，为什么有些题计算时FV=0呢

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品职答疑小助手雍 · 2024年09月28日

嗨，努力学习的PZer你好：


FV=100是未来到期时候本金的那笔现金流。

这种题目其实就是看未来的现金流就好，有到期那笔就有FV，没有到期那笔就没FV。

所以有些题可能是年金类型的没有到期本金的说法。

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努力的时光都是限量版，加油！

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