解析中以到期价格为par,往前倒算4年算出在第五年卖出的价格，这里没问题。想请老师帮我看一下，我从债券起始日正着算债券价格，为什么不对？

NO.PZ2016031001000112 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio Assuming thall coupons are reinvesteover the holng perio the investor’s five-yehorizon yielis closest to: A.5.66%. B.6.62%. C.7.12%. B is correct.The investor’s five-yehorizon yielis closest to 6.62%. After five years, the sale priof the bonis 96.69 anthe future value of reinvestecash flows 8% is 41.0662 per 100 of pvalue. The totreturn is 137.76 (= 41.07 + 96.69), resulting in a realizefive-yehorizon yielof 6.62%:100=137.76(1+r)5100=\frac{137.76}{{(1+r)}^5}100=(1+r)5137.76​r = 0.066241.0662=7 + 7*1.08 + 7*1.08^2 + 7*1.08^3 + 7*1.08^496.6879=7/1.08 + 7/1.08^2 + 7/1.08^3 + 107/1.08^4考点Horizon Yiel析由题干可知，一个九年期的债券持有五年。现在要我们计算五年的Horizon Yiel首先求出5年后卖出债券时所有的Coupon + Coupon Reinvestment，将现金流复利到第五年末，得到41.07。然后求出5年后卖出时的债券价格，要算5年后卖出债券的价格，实际上是将债券剩余4年的现金流折现到第五年末。于是，N=4，PMT=7，I/Y=8，FV=100，得到 PV = -96.69，所以5年后债券的卖出价格是96.69。将以上两个部分相加总得到持有期总收益为137.76。计算年化收益率100*(1+r)^5=137.76，求出r = 6.62%，故B正确。 阔以一下为什么N=4而不是5呢？是跟第一次付息前，利率变化有关么，这个变化是怎么影响的N取值的呀？谢谢老师

NO.PZ2016031001000112 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio Assuming thall coupons are reinvesteover the holng perio the investor’s five-yehorizon yielis closest to: A.5.66%. B.6.62%. C.7.12%. B is correct.The investor’s five-yehorizon yielis closest to 6.62%. After five years, the sale priof the bonis 96.69 anthe future value of reinvestecash flows 8% is 41.0662 per 100 of pvalue. The totreturn is 137.76 (= 41.07 + 96.69), resulting in a realizefive-yehorizon yielof 6.62%:100=137.76(1+r)5100=\frac{137.76}{{(1+r)}^5}100=(1+r)5137.76​r = 0.066241.0662=7 + 7*1.08 + 7*1.08^2 + 7*1.08^3 + 7*1.08^496.6879=7/1.08 + 7/1.08^2 + 7/1.08^3 + 107/1.08^4考点Horizon Yiel析由题干可知，一个九年期的债券持有五年。现在要我们计算五年的Horizon Yiel首先求出5年后卖出债券时所有的Coupon + Coupon Reinvestment，将现金流复利到第五年末，得到41.07。然后求出5年后卖出时的债券价格，要算5年后卖出债券的价格，实际上是将债券剩余4年的现金流折现到第五年末。于是，N=4，PMT=7，I/Y=8，FV=100，得到 PV = -96.69，所以5年后债券的卖出价格是96.69。将以上两个部分相加总得到持有期总收益为137.76。计算年化收益率100*(1+r)^5=137.76，求出r = 6.62%，故B正确。 第五年卖出价格为什么不是FV5？即PV=-100, PMT=7. I/Y=8, N=5，求出FV=105.87

NO.PZ2016031001000112 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio Assuming thall coupons are reinvesteover the holng perio the investor’s five-yehorizon yielis closest to: A.5.66%. B.6.62%. C.7.12%. B is correct.The investor’s five-yehorizon yielis closest to 6.62%. After five years, the sale priof the bonis 96.69 anthe future value of reinvestecash flows 8% is 41.0662 per 100 of pvalue. The totreturn is 137.76 (= 41.07 + 96.69), resulting in a realizefive-yehorizon yielof 6.62%:100=137.76(1+r)5100=\frac{137.76}{{(1+r)}^5}100=(1+r)5137.76​r = 0.066241.0662=7 + 7*1.08 + 7*1.08^2 + 7*1.08^3 + 7*1.08^496.6879=7/1.08 + 7/1.08^2 + 7/1.08^3 + 107/1.08^4考点Horizon Yiel析由题干可知，一个九年期的债券持有五年。现在要我们计算五年的Horizon Yiel首先求出5年后卖出债券时所有的Coupon + Coupon Reinvestment，将现金流复利到第五年末，得到41.07。然后求出5年后卖出时的债券价格，要算5年后卖出债券的价格，实际上是将债券剩余4年的现金流折现到第五年末。于是，N=4，PMT=7，I/Y=8，FV=100，得到 PV = -96.69，所以5年后债券的卖出价格是96.69。将以上两个部分相加总得到持有期总收益为137.76。计算年化收益率100*(1+r)^5=137.76，求出r = 6.62%，故B正确。 我理解有4笔现金流复利到5年末。那么为什么不能直接FV5？就是一个7%的bonI/Y 8%，面值买入，持有5年。如果是这样不是 n=5吗？

NO.PZ2016031001000112 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio Assuming thall coupons are reinvesteover the holng perio the investor’s five-yehorizon yielis closest to: A.5.66%. B.6.62%. C.7.12%. B is correct.The investor’s five-yehorizon yielis closest to 6.62%. After five years, the sale priof the bonis 96.69 anthe future value of reinvestecash flows 8% is 41.0662 per 100 of pvalue. The totreturn is 137.76 (= 41.07 + 96.69), resulting in a realizefive-yehorizon yielof 6.62%:100=137.76(1+r)5100=\frac{137.76}{{(1+r)}^5}100=(1+r)5137.76​r = 0.066241.0662=7 + 7*1.08 + 7*1.08^2 + 7*1.08^3 + 7*1.08^496.6879=7/1.08 + 7/1.08^2 + 7/1.08^3 + 107/1.08^4考点Horizon Yiel析由题干可知，一个九年期的债券持有五年。现在要我们计算五年的Horizon Yiel首先求出5年后卖出债券时所有的Coupon + Coupon Reinvestment，将现金流复利到第五年末，得到41.07。然后求出5年后卖出时的债券价格，要算5年后卖出债券的价格，实际上是将债券剩余4年的现金流折现到第五年末。于是，N=4，PMT=7，I/Y=8，FV=100，得到 PV = -96.69，所以5年后债券的卖出价格是96.69。将以上两个部分相加总得到持有期总收益为137.76。计算年化收益率100*(1+r)^5=137.76，求出r = 6.62%，故B正确。 horizon yiel就是收益率的意思吗

NO.PZ2016031001000112 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio Assuming thall coupons are reinvesteover the holng perio the investor’s five-yehorizon yielis closest to: A.5.66%. B.6.62%. C.7.12%. B is correct.The investor’s five-yehorizon yielis closest to 6.62%. After five years, the sale priof the bonis 96.69 anthe future value of reinvestecash flows 8% is 41.0662 per 100 of pvalue. The totreturn is 137.76 (= 41.07 + 96.69), resulting in a realizefive-yehorizon yielof 6.62%:100=137.76(1+r)5100=\frac{137.76}{{(1+r)}^5}100=(1+r)5137.76​r = 0.066241.0662=7 + 7*1.08 + 7*1.08^2 + 7*1.08^3 + 7*1.08^496.6879=7/1.08 + 7/1.08^2 + 7/1.08^3 + 107/1.08^4考点Horizon Yiel析由题干可知，一个九年期的债券持有五年。现在要我们计算五年的Horizon Yiel首先求出5年后卖出债券时所有的Coupon + Coupon Reinvestment，将现金流复利到第五年末，得到41.07。然后求出5年后卖出时的债券价格，要算5年后卖出债券的价格，实际上是将债券剩余4年的现金流折现到第五年末。于是，N=4，PMT=7，I/Y=8，FV=100，得到 PV = -96.69，所以5年后债券的卖出价格是96.69。将以上两个部分相加总得到持有期总收益为137.76。计算年化收益率100*(1+r)^5=137.76，求出r = 6.62%，故B正确。 我想问一下为什么interest rate变成了8%那期间现金流7始终是不变的吗？只是计算器上I/Y的健变成了8而已？然后只读题目怎么能知道pvalue是100？和起初的pv是100？