计算器的用法

问题如下：

An investment advisor is advising a wealthy client of the company. The client would like to invest USD 500,000 in a bond rated at least AA. The advisor is considering bonds issued by Company X, Company Y, and Company Z, and wants to choose a bond that satisfies the client’s rating requirement, but also has the highest yield to maturity. The advisor has gathered the following information:

Which bond should the investment advisor purchase for the client?

选项：

A.Y bond B.X bond C.Z bond D.Either the Z bond or the Y bond

解释：

for inclusion in the client’s portfolio. Although we can calculate the YTM for each bond using a modern business calculator, it is unnecessary to do so in this case. Of the three bonds, the Y bond does not qualify for the portfolio as its rating of A+ is below the AA rating required by the client. This leaves the X bond and the Z bond. Comparing the two bonds, the X bond pays a higher coupon than the Z bond, yet it is cheaper as well. Therefore the yield on the X bond is higher. To formally calculate the yield, you could also use the following equation describing the relationship between price and yield:

Using this equation (or an equivalent calculator function), the YTM for the X bond equals 4.057%, while the YTM for the Z bond equals 3.62%.