NO.PZ2023120801000066
问题如下：
An investor purchases an eight-year, 6.4% annual coupon eurobond priced at par (settlement: 15 June 2031; maturity: 15 December 2039) and sells it after six years. Assuming interest rates rise by 100 bps immediately after purchase, the investor’s rate of return at the end of six years is:
选项：
A.lower than 6.4%
equal to 6.4%
higher than 6.4%
解释：
Correct Answer: A
The future value of reinvested coupon interest is:
N=6, PV=0, PMT=6.4, I/Y=7.4, CPT→FV=46.245
The sale price of the bond at the end of six years is:
N=2, FV=100, PMT=6.4, I/Y=7.4, CPT→PV=98.202
which results in a six-year horizon yield of 6.32%, which is lower than 6.40%:
最后一步的
r1加r2的和除于100是什么意思？
