NO.PZ2020011303000187
问题如下:
An annuity that pays USD 1 on each coupon payment date of a five-year Treasury bond is worth USD 4.76. The five-year par rate is 4%. What is the value of the bond if it pays a coupon of 6%.
选项:
解释:
The value is 100 + (6-4)/2×4.76 = 104.76
An annuity that pays USD 1 on each coupon payment date of a five-year Treasury bond is worth USD 4.76.
这句指的是纯粹每半年付1块钱,付5年的现值的意思?不是说这笔债券的利息是每半年1块钱?
The five-year par rate is 4%. What is the value of the bond if it pays a coupon of 6%.
这里怎么看出par rate=coupon rate了?