realization of the initial market discount rate on a bond

问题如下：

The weighted average number of years to receipt of the principal and interest payments that will result in realization of the initial market discount rate on a bond is best described as:

选项：

A.modified duration B.

effective duration

C.Macaulay duration

解释：

C is correct.

Macaulay duration is a weighted average of the time to receipt (expressed in years) of a bond’s promised payments where the weights are the shares of the full price that correspond to each of the bond’s promised future payments. This weighted average results in the realization of the bond’s initial market discount rate.

考点：Macaulay duration

解析：麦考利久期的定义是现金流的平均还款期，权重是现金流现值占总价格的比值。题干描述的是麦考利久期，所以C选项正确。