问题如下:
An investor considers the purchase of a 2-year bond with a 5% coupon rate, with interest paid annually. Assuming the sequence of spot rates shown below, the price of the bond is closest to:
选项:
A.101.93.
B.102.85.
C.105.81.
解释:
A is correct.
The bond price is closest to 101.93. The price is determined in the following manner:
where:
PV = present value, or the price of the bond
PMT = coupon payment per period
FV = future value paid at maturity, or the par value of the bond
Z1= spot rate, or the zero-coupon yield, for Period 1
Z2= spot rate, or the zero-coupon yield, for Period 2
PV = 4.85 + 97.08 = 101.93
用计算器可以求吗?
N=1,I/Y=3,PMT=5,FV=100,求PV=101.94
如果计算方式无误,那么为何不能N=2,I/Y=4?