问题如下：
A client purchases a 6-year bond at 109.83, and the coupon rate is 8%. The interest is paid annually. Assume the market rate is 6%, which is constant during the whole period. If the client wants to sell the bond at the end of the 5th year. What`s the horizon yield?
选项：
A.8%.
B.6%.
C.7%.
解释：
B is correct.
The sell price of the bond at the end of the 5th year:
N=1，I/Y=6，FV=100，PMT=8 → PV = -101.89
The reinvested coupon payment at the end of the 5th year:
8×1.064+8×1.063+8×1.062+8×1.061+8=45.1
total cash flow at the end of the 5th year =45.1+101.89=146.99
146.99/(1+r)5=109.83
r=0.06
The sell price of the bond at the end of the 5th year:
N=6-5=1，I/Y=6，FV=100，PMT=8 → PV = -101.89
红色部分需要解释
capital loss=101.89-109.83=-7.94
这个对否？不需要加上coupon吗？
