NO.PZ2023052407000001
问题如下：
Grupo Ignacia issued 10-year corporate bonds two years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current annualized YTM is 11.6 percent. The current price of Grupo Ignacia’s bonds (per MXN100 of par value) is closest to:
选项：
A.MXN95.47
B.MXN97.18
C.MXN95.39
解释：
C is correct. The coupon payments are 5.35 (=10.7/2), the discount rate is 5.8 percent (=11.6%/2) per period, and the number of periods is 16 (=8×2). Using Equation 6, the calculation is as follows:
Alternatively, using the Microsoft Excel or Google Sheets PV function (PV(0.058,16,5.35,100,0)) also yields a result of MXN95.39.
A is incorrect. MXN95.47 is the result when incorrectly using coupon payments of 10.7, a discount rate of 11.6 percent, and 8 as the number of periods.
B is incorrect. MXN97.18 is the result when using the correct semiannual coupons and discount rate, but incorrectly using 8 as the number of periods.
