计算器计算结果与答案不一致
问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2018年05月10日
本题让计算 yield-to-worst的收益，所以我们计算出来每种情况下的收益对比一下就好了。
对于 yield-to-maturity:
N=10；PV=-101；PMT=3；FV=100 → CPT：i/y =2.8835
但是要注意这是半年付息一次，所以年化后的 i/y是：5.767%
对于 yield-to-frist call:
N=6；PV=-101；PMT=3；FV=102 → CPT：i/y =3.1229
所以年化后的 i/y是：6.246%
对于 yield-to-second call:
N=8；PV=-101；PMT=3；FV=101 → CPT：i/y =2.97
所以年化后的 i/y是：5.94%
所以对比最差的是yield-to-maturity.
NO.PZ2016031001000080 问题如下 A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons yielto-worst is closest to: A.2.88%. B.5.77%. C.6.25%. B is correct.The yielto-worst is 5.77%. The bons yielto-worst is the lowest of the sequenof yiel-to-call anthe yielto-maturity. From above, we have the following yielmeasures for this bonYielto-first-call: 6.25%Yielto-seconcall: 5.94%Yielto-maturity: 5.77%Thus, the yielto-worst is 5.77%.考点YTW解析本题让计算 yielto-worst，所以需要计算出每种情况下的收益再进行对比。1、对于 yielto-maturity:N=10；PV= -101；PMT=3；FV=100 → CPTI/Y =2.8835，但是要注意这是半年付息一次，所以年化后的 I/Y是5.767%2、对于 yielto-frist call:N=6；PV= -101；PMT=3；FV=102 → CPTI/Y =3.1229，所以年化后的 I/Y是6.246%3、对于 yielto-seconcall:N=8；PV= -101；PMT=3；FV=101 → CPTI/Y =2.97，所以年化后的 I/Y是5.94%所以对比最差的是yielto-maturity，即5.77%，故B正确。 call price对应的是FV，101是价格，对应的是PV。为啥不是call price对应的是PV，到期时的100是FV这样算呢？N也有所不同
NO.PZ2016031001000080 问题如下 A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons yielto-worst is closest to: A.2.88%. B.5.77%. C.6.25%. B is correct.The yielto-worst is 5.77%. The bons yielto-worst is the lowest of the sequenof yiel-to-call anthe yielto-maturity. From above, we have the following yielmeasures for this bonYielto-first-call: 6.25%Yielto-seconcall: 5.94%Yielto-maturity: 5.77%Thus, the yielto-worst is 5.77%.考点YTW解析本题让计算 yielto-worst，所以需要计算出每种情况下的收益再进行对比。1、对于 yielto-maturity:N=10；PV= -101；PMT=3；FV=100 → CPTI/Y =2.8835，但是要注意这是半年付息一次，所以年化后的 I/Y是5.767%2、对于 yielto-frist call:N=6；PV= -101；PMT=3；FV=102 → CPTI/Y =3.1229，所以年化后的 I/Y是6.246%3、对于 yielto-seconcall:N=8；PV= -101；PMT=3；FV=101 → CPTI/Y =2.97，所以年化后的 I/Y是5.94%所以对比最差的是yielto-maturity，即5.77%，故B正确。 是不是callable bon的YTW一般都是YTM？
NO.PZ2016031001000080问题如下 A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons yielto-worst is closest to:A.2.88%.B.5.77%.C.6.25%. B is correct.The yielto-worst is 5.77%. The bons yielto-worst is the lowest of the sequenof yiel-to-call anthe yielto-maturity. From above, we have the following yielmeasures for this bonYielto-first-call: 6.25%Yielto-seconcall: 5.94%Yielto-maturity: 5.77%Thus, the yielto-worst is 5.77%.考点YTW解析本题让计算 yielto-worst，所以需要计算出每种情况下的收益再进行对比。1、对于 yielto-maturity:N=10；PV= -101；PMT=3；FV=100 → CPTI/Y =2.8835，但是要注意这是半年付息一次，所以年化后的 I/Y是5.767%2、对于 yielto-frist call:N=6；PV= -101；PMT=3；FV=102 → CPTI/Y =3.1229，所以年化后的 I/Y是6.246%3、对于 yielto-seconcall:N=8；PV= -101；PMT=3；FV=101 → CPTI/Y =2.97，所以年化后的 I/Y是5.94%所以对比最差的是yielto-maturity，即5.77%，故B正确。 请问老师 为什么yeof 5 不用计算呢
NO.PZ2016031001000080 问题如下 A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons yielto-worst is closest to: A.2.88%. B.5.77%. C.6.25%. B is correct.The yielto-worst is 5.77%. The bons yielto-worst is the lowest of the sequenof yiel-to-call anthe yielto-maturity. From above, we have the following yielmeasures for this bonYielto-first-call: 6.25%Yielto-seconcall: 5.94%Yielto-maturity: 5.77%Thus, the yielto-worst is 5.77%.考点YTW解析本题让计算 yielto-worst，所以需要计算出每种情况下的收益再进行对比。1、对于 yielto-maturity:N=10；PV= -101；PMT=3；FV=100 → CPTI/Y =2.8835，但是要注意这是半年付息一次，所以年化后的 I/Y是5.767%2、对于 yielto-frist call:N=6；PV= -101；PMT=3；FV=102 → CPTI/Y =3.1229，所以年化后的 I/Y是6.246%3、对于 yielto-seconcall:N=8；PV= -101；PMT=3；FV=101 → CPTI/Y =2.97，所以年化后的 I/Y是5.94%所以对比最差的是yielto-maturity，即5.77%，故B正确。 first call 是在 yeenof 3，那这个时候计算YTM , N 不是应该4吗，为什么是6？
5.77%. 6.25%. B is correct. The yielto-worst is 5.77%. The bons yielto-worst is the lowest of the sequenof yiel-to-call anthe yielto-maturity. From above, we have the following yielmeasures for this bon Yielto-first-call: 6.25% Yielto-seconcall: 5.94% Yielto-maturity: 5.77% Thus, the yielto-worst is 5.77%. 老师您好，您帮我看看看我错在哪里了？