NO.PZ2023052301000023
问题如下：
A fixed-income analyst is pricing a bond using the following equation.
The bond’s price, relative to par, is most likely:
选项：
A.greater than 100.
exactly 100.
less than 100.
解释：
A is correct. The bond’s periodic coupon rate exceeds the periodic market discount rate, or its coupon rate is “excessive” relative to the market. Therefore, the bond will trade at a premium to par.
B is incorrect. For the bond to trade at par, the coupon rate and market discount rate (yield-to-maturity) must be equal.
C is incorrect. For the bond to trade at a discount, the yield-to-maturity would have to be higher than the coupon rate.
coupons rate= PMT=3% 大于 market discount rate =YTM=2.75% ，
因此现值大于终值, 溢价交易Premium, 103=par+ coupons, 大于100，
