为什么要折现

NO.PZ2018122701000042问题如下 analyst is using the lta-normmethoto termine the Vof a fixeincome portfolio. The portfolio contains a long position in 1-yebon with a $1 million favalue ana 6% coupon this paisemi-annually. The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. Mapping the long position to stanrpositions in the six-month antwelve-month zeros, respectively, provis whiof the following mappepositions? $30,000 an1,030,000 $29,500 an975,610 $29,703 an1,004,878 $30,300 an1,035,000 C is correct. 考点 Mapping to FixeIncome Portfolios 解析 The long position is mappeinto a combination of market values of the zero-coupon bon thprovi the same cash flows: Xsix=300001+0.02/2=29703X_{six}=\frac{30000}{1+0.02/2}=29703Xsix​=1+0.02/230000​=29703Xtwelve=10300001+0.025=1004878X_{twelve}=\frac{1030000}{1+0.025}=1004878Xtwelve​=1+0.0251030000​=1004878 看不懂题目在说什么，要求是什么？什么是多头转换为标准？

NO.PZ2018122701000042 问题如下 analyst is using the lta-normmethoto termine the Vof a fixeincome portfolio. The portfolio contains a long position in 1-yebon with a $1 million favalue ana 6% coupon this paisemi-annually. The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. Mapping the long position to stanrpositions in the six-month antwelve-month zeros, respectively, provis whiof the following mappepositions? $30,000 an1,030,000 $29,500 an975,610 $29,703 an1,004,878 $30,300 an1,035,000 C is correct. 考点 Mapping to FixeIncome Portfolios 解析 The long position is mappeinto a combination of market values of the zero-coupon bon thprovi the same cash flows: Xsix=300001+0.02/2=29703X_{six}=\frac{30000}{1+0.02/2}=29703Xsix​=1+0.02/230000​=29703Xtwelve=10300001+0.025=1004878X_{twelve}=\frac{1030000}{1+0.025}=1004878Xtwelve​=1+0.0251030000​=1004878 The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. 折现第一笔现金流的时候，为什么不直接除以1.02呢。题目中给的2%是说的on six_month zero coupon bon所以这也是一年的利率吗，如果是半年的利率，那为什么还要除以（1+0.02/2）呢

NO.PZ2018122701000042 问题如下 analyst is using the lta-normmethoto termine the Vof a fixeincome portfolio. The portfolio contains a long position in 1-yebon with a $1 million favalue ana 6% coupon this paisemi-annually. The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. Mapping the long position to stanrpositions in the six-month antwelve-month zeros, respectively, provis whiof the following mappepositions? $30,000 an1,030,000 $29,500 an975,610 $29,703 an1,004,878 $30,300 an1,035,000 C is correct. 考点 Mapping to FixeIncome Portfolios 解析 The long position is mappeinto a combination of market values of the zero-coupon bon thprovi the same cash flows: Xsix=300001+0.02/2=29703X_{six}=\frac{30000}{1+0.02/2}=29703Xsix​=1+0.02/230000​=29703Xtwelve=10300001+0.025=1004878X_{twelve}=\frac{1030000}{1+0.025}=1004878Xtwelve​=1+0.0251030000​=1004878 本题1030000折现为什么不是除以[（1+2%/2）*（1+2.5%/2）]？ 这和NO.PZ2020033001000022那道题两年现金流的折现计算的方式有什么不同？

NO.PZ2018122701000042问题如下 analyst is using the lta-normmethoto termine the Vof a fixeincome portfolio. The portfolio contains a long position in 1-yebon with a $1 million favalue ana 6% coupon this paisemi-annually. The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. Mapping the long position to stanrpositions in the six-month antwelve-month zeros, respectively, provis whiof the following mappepositions? $30,000 an1,030,000 $29,500 an975,610 $29,703 an1,004,878 $30,300 an1,035,000 C is correct. 考点 Mapping to FixeIncome Portfolios 解析 The long position is mappeinto a combination of market values of the zero-coupon bon thprovi the same cash flows: Xsix=300001+0.02/2=29703X_{six}=\frac{30000}{1+0.02/2}=29703Xsix​=1+0.02/230000​=29703Xtwelve=10300001+0.025=1004878X_{twelve}=\frac{1030000}{1+0.025}=1004878Xtwelve​=1+0.0251030000​=1004878 老师没有太理解为什么不是 除（ 1+2·5% ）的平方?

NO.PZ2018122701000042问题如下 analyst is using the lta-normmethoto termine the Vof a fixeincome portfolio. The portfolio contains a long position in 1-yebon with a $1 million favalue ana 6% coupon this paisemi-annually. The interest rates on six-month antwelve-month maturity zero-coupon bon are, respectively, 2% an2.5%. Mapping the long position to stanrpositions in the six-month antwelve-month zeros, respectively, provis whiof the following mappepositions? $30,000 an1,030,000 $29,500 an975,610 $29,703 an1,004,878 $30,300 an1,035,000 C is correct. 考点 Mapping to FixeIncome Portfolios 解析 The long position is mappeinto a combination of market values of the zero-coupon bon thprovi the same cash flows: Xsix=300001+0.02/2=29703X_{six}=\frac{30000}{1+0.02/2}=29703Xsix​=1+0.02/230000​=29703Xtwelve=10300001+0.025=1004878X_{twelve}=\frac{1030000}{1+0.025}=1004878Xtwelve​=1+0.0251030000​=1004878 这个题在算1年的时候，只算了一期的现金流，下图中的题在算1年期的现金流，算了2期的，请问如何判断？1.06*1.05是什么意思呢？