NO.PZ2018062006000059
问题如下：
We know that:
If interest is paid annually, and the par value of the bonds are 100. Which bond has a lower yield-to-maturity?
选项：
A.Bond X
B.Bond Y
C.The yield-to-maturity of Bond X and bond Y are equal.
解释：
B is correct.
考点：bond valuation
解析：利用计算器：
Bond X: N=2; PV= -102; PMT=3; FV=100; I/Y=1.97
Bond Y: N=2; PV= -108; PMT=5; FV=100; I/Y=0.94
债券Y的YTM更低，故选项B正确。
RT
