问题如下图：
选项：
A. 
B. 
C. 
解释：
这个3年期的bond的价格PV是用arbitrage free的方式折现得到的，然后再用来反求YTM，但是题目没有说明假设现在市场上是无套利条件啊？为什么可以直接使用这个假设，谢谢
NO.PZ201701230200000105 问题如下 5. For Assignment 1, the yielto maturity for BonZ is closest to the: A.one-yespot rate B.two-yespot rate C.three-yespot rate C is correct.The yielto maturity, y(3), of BonZ shoula weighteaverage of the spot rates usein the valuation of the bon Because the bons largest cash flow occurs in Ye3, r(3) will have a greater weight thr(1) anr(2) in termining y(3).Using the spot rates:Price=$60/(1.025)+$60/(1.030)2+$1060/(1.035)3=$1071.16Using the yielto maturity:Price=$60/[1+y(3)]+$60/[1+y(3)]2+$1060/[1+y(3)]3=1071.16Using a calculator, the compute result is y(3)=3.46%, whiis closest to the three-yespot rate of 3.5% 老师，我感觉有点内容记混淆了，我记得1级有一个利率的折现的计算，是第一年，用第一年的spot rate，第二年用第一年的spot rate 乘以 第二年的spot rate 折现，第三年用第一年的乘以第二年 再乘以第三年的spot rate 折现，想不起来这个是什么概念？与现在的 每一年折现，都是用当年的spot rate折现的 区别是什么？
NO.PZ201701230200000105 two-yespot rate three-yespot rate C is correct. The yielto maturity, y(3), of BonZ shoula weighteaverage of the spot rates usein the valuation of the bon Because the bons largest cash flow occurs in Ye3, r(3) will have a greater weight thr(1) anr(2) in termining y(3). Using the spot rates: Price=$60/(1.025)+$60/(1.030)2+$1060/(1.035)3=$1071.16 Using the yielto maturity: Price=$60/[1+y(3)]+$60/[1+y(3)]2+$1060/[1+y(3)]3=1071.16 Using a calculator, the compute result is y(3)=3.46%, whiis closest to the three-yespot rate of 3.5% 计算器步骤怎么求，我算的答案不一样是3.54%
PBon的定义A pbonis a bonthsells its exafavalue. 如果正常求YTM，我会。但是题目里提到，$1000 PBon 不应该pri= 1000，然后YTM不是应该直接等于coupon rate 6%吗？
这道题怎么理解？为什么这么做？
