问题如下:
Based upon the given sequence of spot rates, the yield-to-maturity of Bond Z is closest to:
选项:
A.9.00%.
B.9.92%.
C.11.93%
解释:
B is correct.
The yield-to-maturity is closest to 9.92%. The formula for calculating the price of Bond Z 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 = 5.56 + 5.05 + 79.64 = 90.25
Using this price, the bond’s yield-to-maturity can be calculated as:
r = 9.92%
我没算出这个题目的三个答案,我的思路是,P=7/(1+9%)+8(1+8%)^2+106/(1+10)^3=92.9201,然后再用计算器PV=-92.9201,PMT=6,N=3,FV=100,算出I/Y=8.7863,请帮我剖析一下我的错误啊,谢谢!