问

问题如下：

The detailed information of bond X bond Y can be described:

Coupon rate of bond X is 6%; and that of bond Y is 4%；

Both of the bonds have a maturity of 3 years, and they have the same par value as well (Par value=100).

We know that the interest is paid annually, and the market discount rate is 5% at the moment. Which bond has a lower price?

选项：

A.

Bond X

B.

Bond Y

C.

The price of X and Y are equal

解释：

B is correct.

考点：bond valuation

解析：利用计算器：

Bond X: N=3, I/Y=5, FV=100, PMT=6, → PV= -102.72

Bond Y: N=3, I/Y=5, FV=100, PMT=4, → PV= -97.28

债券Y的价格更低，故选项B正确。