问题如下:
Based on Exhibits 3 and 4, the value of Bond C at the upper node at Time 1 is closest to:
选项:
A. 97.1957
B. 99.6255
C. 102.1255
解释:
B is correct. The bond value at the upper node at Time 1 is closest to 99.6255. The cash flow at Time 2 is 102.5, the redemption of par value (100) plus the final coupon payment (2.5). Using backward induction, we calculate the present value of the bond at the upper node of Time 1 as 102.5/1.028853 = 99.6255.
看了大家提问的解析,还是没看懂这里为什么不加上2.5的coupon,如果不单列,也不用加上是吧。