问题如下：
When market interest rate is 6%, a company issues a $1 million bond with maturity of 3-year, a 5% coupon rate, and annual interest payments.
Which of the following statements is the most correct when the market rate changes to 7% and the carrying value of the bond base on amortized cost.
选项：
A. The book value of the bonds at the beginning of the Second year will be $990,566.04
B. The book value of the bonds at the beginning of the Second year will be $973,269.88
C. The book value of the bonds at the beginning of the Second year will be $981,666.07
解释：
C is correct.
Since the amortized costs will not be affected by the change in market rates, we use 6% to calculate the beginning book value of the bond
N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88
The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07
The ending book value of First Year= the beginning book value of Second Year
老师您好，为什么我用计算器上CF和NPV两个键，这出来的pv 和您答案里用计算器算出来的方法得出来的结果不一样呢？（我也注意了计算器放正负，现金流的问题）