问题如下:
4. Based on Exhibit 4 and using Method 2, the correct price for Bond X is closest to:
选项:
A. 97.2998.
B. 109.0085.
C. 115.0085.
解释:
B is correct.
The first step is to identify the cash flows:
Next, calculate the cash flows for each year beginning with Year 3 and move backwards to Year 1:
Year 3:
0.5×[(1.06106)+(1.06106)]+6=106.0000
0.5×[(1.05106)+(1.05106)]+6=106.9524
0.5×[(1.03106)+(1.03106)]+6=108.9126
Year 2:
0.5×[(1.04106.0000)+(1.04106.9524)]+6=108.3810
0.5×[(1.02106.9524)+(1.02108.9126)]+6=111.8162
Year 1:
0.5×[(1.01108.3810)+(1.01111.8126)]=109.0085
A is incorrect because the coupon payment is not accounted for at each node calculation. C is incorrect because it assumes that a coupon is paid in Year 1 (time zero) when no coupon payment is paid at time zero.
请问在从y3折现到y2的时候,不是应该是这样计算的吗? (106/1.06+106/1.06)*2/1=100吗 为什么还要+6的coupon不是已经计算过一遍了吗? 和最新版的基础班讲义第92页的标准算法有出入