老师求这个carrying value 是求PV吗？

问题如下：

A manager has constructed a portfolio with a 10-year, $500,000, zero-coupon bond with an annual YTM of 6%. Assuming that the YTM remains the same after three years, what will he get if he sells the bond for $343,333?

选项：

A.

A capital gain.

B.

A capital loss.

C.

Neither a capital gain nor loss.

解释：

A is correct.

If the YTM remains at 6%, the price of the bond's carrying value should be 500,000/1.06⁷=332,528.56 after three years.

The selling price is more than the bond's carrying value, so the manager will get a capital gain.

考点：Capital gain & loss

解析：计算Carrying Value，直接将未来现金流用期初购买时确定的YTM进行折现。利用计算器：FV=500,000 I/Y=6 PMT=0 N=7，求得PV= -332528.56。由于selling price大于carrying value，所以获得的是capital gain，故选项A正确。