问题如下：
Based on Exhibit 1, the rolling yield of Aschel over a one-year investment horizon is closest to:
选项：
A. –2.56%.
B. 0.54%.
C. 5.66%.
解释：
B is correct.
The rolling yield is the sum of the yield income and the rolldown return. Yield income is the sum of the bond’s annual current yield and interest on reinvestment income. Perreaux assumes that there is no reinvestment income for any of the three funds, and the yield income for Aschel will be calculated as follows: Yield income = Annual average coupon payment/Current bond price = $3.63/$117.00 = 0.0310, or 3.10%.
The rolldown return is equal to the bond’s percentage price change assuming an unchanged yield curve over the horizon period. The rolldown return will be calculated as follows:
Rolldown return = (Ending Bond Price - Beginning Bond Price) / Beginning Bond Price
Rolldown return = (114.00 - 117.00) / 117.00
Rolling yield = Yield income + Rolldown return = 3.10% – 2.56% = 0.54%
這題想問：題幹中的present value和current bond price不同，請問是為什麼呢？或是之間可能是什麼樣的關係？