问题如下:
All three bonds pay interest annually.
Based upon the given sequence of spot rates, the price of Bond X is closest to:
选项:
A. 95.02.
B. 95.28.
C. 97.63.
解释:
B is correct.
The bond price is closest to 95.28. The formula for calculating this bond price is:
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, or zero rate, for period 1
Z2= spot rate, or the zero-coupon yield, or zero rate, for period 2
Z3=spot rate, or the zero-coupon yield, or zero rate, for period 3
PV = 7.41 + 6.73 + 81.14 = 95.28
我看了前面的解释,还是没看懂。第二列和第三列maturity and spot rate term 是怎么看出来的?