NO.PZ2018062006000111
问题如下：
A client purchases a 6-year bond at par, and the coupon rate is 8%. The interest is paid annually. If the client wants to sell the bond at the end of the 5th year, and the market interest rate is 7% at that time. Calculate the capital gain or loss:
选项：
A.-0.935
B.0.935
C.0
解释：
B is correct.
The sell price of the bond at the end of the fifth-year: N=1, I/Y=7, PMT=8, FV=100, PV= -100.935
Because the bond was purchased at the par value, the carrying value of the bond is 100.
So the capital gain is: 100.935 - 100 = 0.935
考点：capital gain/loss
capital gain/loss是债券sell price和carrying value的差额。
1.sell price：站在第五年末，未来还剩一期现金流，直接把最后一期现金流108折现到第五年末得到：108/(1+7%)=100.935。即站在第五年末，这个债券值100.935，可以卖100.935。
2.carrying value：债券的账面价值。
如果债券期初是溢价购买的，在债券的存续期内，Carrying value逐渐降低，向面值100靠近。债券到期时的Carrying value就是100。如果债券期初是折价购买的，在债券的存续期内，Carrying value逐渐上升，向面值100靠近。债券到期时Carrying value就是100。如果债券是平价发行的，即投资者以面值买到债券，不存在购买价格向Par value靠拢，债券的Carrying Value在存续期内都是100。本题是以面值购买债券，所以账面价值就一直都是100，即carrying value=100。
3.两者的差就是capital gain=100.935-100=0.935，故选项B正确。
可以按计算器求吗？按N，PV，I求
