这个付息次数有点搞不懂了

问题如下：

An analyst gathers the following information about a callable bond that pays interest annually:

This bond's yield to worst is the:

选项：

A.yield to maturity. B.yield to first call. C.yield to second call.

解释：

C is correct.

考点：Yield to worst

解析：本题让计算 yield-to-worst，所以需要计算出每种情况下的收益再进行对比。

1、对于 yield-to-maturity:

N=4；PV= -105；PMT=4；FV=100 → CPT：I/Y =2.67

2、对于 yield-to-frist call:

N=2；PV= -105；PMT=4；FV=103 → CPT：I/Y =2.87

3、对于 yield-to-second call:

N=3；PV= -105；PMT=4；FV=101 → CPT：I/Y =2.57

所以对比最差的是yield-to-second call，即2.57%，故选项C正确。