问一道题：NO.PZ2018123101000018 [ CFA II ]

NO.PZ2018123101000018 问题如下 Jane is a bontrar for investment bank. Exhibit 1 presents the current panspot rates. Note: Panspot rates are baseon annual-coupon sovereign bon. Baseon Exhibit 1, the five-yespot rate is closest to: 4.40% 4.45% 4.50% B is correct.考点The SwRate Curve和Spot rate的关系解析已知1-year, 2-year, 3-year, 4-year的Spot rate，也知道5-year的Swrate，根据由Swrate求Spot rate的方法，有公式1=0.0437/(1.025)+0.0437/(1.03)^2+0.0437/(1.035)^3+0.0437/(1.04)^4+1.0437/(1+S5)^5S5=4.45% 答案中的公式1（pvalue)=coupon(0.045)除每年的折现率加总，那意思就是国债是不归还本金的，国债的par就只是每年的coupon折现求和是吗？

NO.PZ2018123101000018 问题如下 Jane is a bontrar for investment bank. Exhibit 1 presents the current panspot rates. Note: Panspot rates are baseon annual-coupon sovereign bon. Baseon Exhibit 1, the five-yespot rate is closest to: 4.40% 4.45% 4.50% B is correct.考点The SwRate Curve和Spot rate的关系解析已知1-year, 2-year, 3-year, 4-year的Spot rate，也知道5-year的Swrate，根据由Swrate求Spot rate的方法，有公式1=0.0437/(1.025)+0.0437/(1.03)^2+0.0437/(1.035)^3+0.0437/(1.04)^4+1.0437/(1+S5)^5S5=4.45% 分子，现金流，利息，为什么都等于0.0437？相当于所有现金流，都用了第5年的prate？为啥分子现金流，不是根据每年PR

NO.PZ2018123101000018问题如下 Jane is a bontrar for investment bank. Exhibit 1 presents the current panspot rates. Note: Panspot rates are baseon annual-coupon sovereign bon. Baseon Exhibit 1, the five-yespot rate is closest to: 4.40% 4.45% 4.50% B is correct.考点The SwRate Curve和Spot rate的关系解析已知1-year, 2-year, 3-year, 4-year的Spot rate，也知道5-year的Swrate，根据由Swrate求Spot rate的方法，有公式1=0.0437/(1.025)+0.0437/(1.03)^2+0.0437/(1.035)^3+0.0437/(1.04)^4+1.0437/(1+S5)^5S5=4.45% 题目解答为什么强调是swrate与spot rate的关系，难道不是prate与spot rate的关系做boot strapping吗？

NO.PZ2018123101000018 式子的左边等于1是什么原理？如果考试考的话会怎么考（这个等于1的理论）？

NO.PZ2018123101000018 考试时是保留2位还是4位？