问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，用计算器按出来的，折现到2014.4.10的值，就是full price是么？
发亮_品职助教 · 2018年09月25日
4月10号，和10月10号，是债券的付息日。
只有在付息日当天：Full price等于Flat price，不会存在Accrued interest。
所以你说的折现到4月10号的值，可以是Full price也可是Flat.
债券的报价只是Flat price，在付息日的期间交易债券的话，需要加上Accrued price.
比方说，6月14号，A同学把债券卖给了B同学，实际上距离上一个付息日已经过了66天了，A已经持有了66天了，按理说下一期的Coupon，应该有66天的这个比例的利息属于A同学。
因此A同学在卖债券的时候：Flat price加上一个Accrued interest，把属于这66天的利息拿回来。而B同学在下一个付息日收到一个完整的Coupon.
NO.PZ2016031001000069 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The full prithBonG will settle on 16 June 2014 is closest to: A.102.36. B.103.10. C.103.65. B is correct.The bons full priis 103.10. The priis terminein the following manner:of the beginning of the coupon perioon 10 April 2014, there are 2.5 years (5semiannuperio) to maturity. These five semiannuperio occur on 10 October2014, 10 April 2015, 10 October 2015, 10 April 2016 an10 October 2016. PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+PMT(1+r)4+PMT+FV(1+r)5PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\frac{PMT}{{(1+r)}^4}+\frac{PMT+FV}{{(1+r)}^5}PV=(1+r)1PMT+(1+r)2PMT+(1+r)3PMT+(1+r)4PMT+(1+r)5PMT+FVPV=2.5(1+0.02)1+2.5(1+0.02)2+2.5(1+0.02)3+2.5(1+0.02)4+2.5+100(1+0.02)5PV=\frac{2.5}{{(1+0.02)}^1}+\frac{2.5}{{(1+0.02)}^2}+\frac{2.5}{{(1+0.02)}^3}+\frac{2.5}{{(1+0.02)}^4}+\frac{2.5\text{+}100}{{(1+0.02)}^5}PV=(1+0.02)12.5+(1+0.02)22.5+(1+0.02)32.5+(1+0.02)42.5+(1+0.02)52.5+100PV = 2.45 + 2.40 + 2.36 + 2.31 + 92.84 = 102.36The accrueinterest periois intifie66/180. The number of ys between10April2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20ys remaining in April + 30 ys in M+ 16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.PVFull=PV×(1 +r)66/180PV^{Full}=PV\times{(1\text{ }+r)}^{66/180}PVFull=PV×(1 +r)66/180PVFull= 102.36×(1.02)66/180= 103.10PV^{Full}=\text{ }102.36\times{(1.02)}^{66/180}=\text{ }103.10PVFull= 102.36×(1.02)66/180= 103.10考点flpri full price解析首先，我们将未来五笔现金流折现到2014.4.10，得到现值之和为102.36。N=5，PMT=2.5，I/Y=2，FV=100，求得PV=102.36然后再将这个数值复利到2014.6.16，得到full price为103.10，故B正确。我们之所以没有直接将未来五笔现金流折到2014.6.16，是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年。因此现金流就不是一个年金的形式，我们就没有办法用计算器直接求PV了。 为什么要用半年期的利率来把4月10号的PV折算到6月16号。也就是， 为什么是用半年期对应的（1+2%）^(66/180)， 而不是用annual的数据， （1+4%）^(66/360)
NO.PZ2016031001000069 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The full prithBonG will settle on 16 June 2014 is closest to: A.102.36. B.103.10. C.103.65. B is correct.The bons full priis 103.10. The priis terminein the following manner:of the beginning of the coupon perioon 10 April 2014, there are 2.5 years (5semiannuperio) to maturity. These five semiannuperio occur on 10 October2014, 10 April 2015, 10 October 2015, 10 April 2016 an10 October 2016. PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+PMT(1+r)4+PMT+FV(1+r)5PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\frac{PMT}{{(1+r)}^4}+\frac{PMT+FV}{{(1+r)}^5}PV=(1+r)1PMT+(1+r)2PMT+(1+r)3PMT+(1+r)4PMT+(1+r)5PMT+FVPV=2.5(1+0.02)1+2.5(1+0.02)2+2.5(1+0.02)3+2.5(1+0.02)4+2.5+100(1+0.02)5PV=\frac{2.5}{{(1+0.02)}^1}+\frac{2.5}{{(1+0.02)}^2}+\frac{2.5}{{(1+0.02)}^3}+\frac{2.5}{{(1+0.02)}^4}+\frac{2.5\text{+}100}{{(1+0.02)}^5}PV=(1+0.02)12.5+(1+0.02)22.5+(1+0.02)32.5+(1+0.02)42.5+(1+0.02)52.5+100PV = 2.45 + 2.40 + 2.36 + 2.31 + 92.84 = 102.36The accrueinterest periois intifie66/180. The number of ys between10April2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20ys remaining in April + 30 ys in M+ 16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.PVFull=PV×(1 +r)66/180PV^{Full}=PV\times{(1\text{ }+r)}^{66/180}PVFull=PV×(1 +r)66/180PVFull= 102.36×(1.02)66/180= 103.10PV^{Full}=\text{ }102.36\times{(1.02)}^{66/180}=\text{ }103.10PVFull= 102.36×(1.02)66/180= 103.10考点flpri full price解析首先，我们将未来五笔现金流折现到2014.4.10，得到现值之和为102.36。N=5，PMT=2.5，I/Y=2，FV=100，求得PV=102.36然后再将这个数值复利到2014.6.16，得到full price为103.10，故B正确。我们之所以没有直接将未来五笔现金流折到2014.6.16，是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年。因此现金流就不是一个年金的形式，我们就没有办法用计算器直接求PV了。 N=5，PMT=2.5，I/Y=2，FV=100，这种情况下如果把FV输入为-100，算出的PV就是78.789，请问是为什么？所以是否FV都是输入为正，PV输入都是为负，才可以得出正确结果？谢谢
NO.PZ2016031001000069问题如下BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The full prithBonG will settle on 16 June 2014 is closest to:A.102.36.B.103.10.C.103.65. B is correct.The bons full priis 103.10. The priis terminein the following manner:of the beginning of the coupon perioon 10 April 2014, there are 2.5 years (5semiannuperio) to maturity. These five semiannuperio occur on 10 October2014, 10 April 2015, 10 October 2015, 10 April 2016 an10 October 2016. PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+PMT(1+r)4+PMT+FV(1+r)5PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\frac{PMT}{{(1+r)}^4}+\frac{PMT+FV}{{(1+r)}^5}PV=(1+r)1PMT+(1+r)2PMT+(1+r)3PMT+(1+r)4PMT+(1+r)5PMT+FVPV=2.5(1+0.02)1+2.5(1+0.02)2+2.5(1+0.02)3+2.5(1+0.02)4+2.5+100(1+0.02)5PV=\frac{2.5}{{(1+0.02)}^1}+\frac{2.5}{{(1+0.02)}^2}+\frac{2.5}{{(1+0.02)}^3}+\frac{2.5}{{(1+0.02)}^4}+\frac{2.5\text{+}100}{{(1+0.02)}^5}PV=(1+0.02)12.5+(1+0.02)22.5+(1+0.02)32.5+(1+0.02)42.5+(1+0.02)52.5+100PV = 2.45 + 2.40 + 2.36 + 2.31 + 92.84 = 102.36The accrueinterest periois intifie66/180. The number of ys between10April2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20ys remaining in April + 30 ys in M+ 16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.PVFull=PV×(1 +r)66/180PV^{Full}=PV\times{(1\text{ }+r)}^{66/180}PVFull=PV×(1 +r)66/180PVFull= 102.36×(1.02)66/180= 103.10PV^{Full}=\text{ }102.36\times{(1.02)}^{66/180}=\text{ }103.10PVFull= 102.36×(1.02)66/180= 103.10考点flpri full price解析首先，我们将未来五笔现金流折现到2014.4.10，得到现值之和为102.36。N=5，PMT=2.5，I/Y=2，FV=100，求得PV=102.36然后再将这个数值复利到2014.6.16，得到full price为103.10，故B正确。我们之所以没有直接将未来五笔现金流折到2014.6.16，是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年。因此现金流就不是一个年金的形式，我们就没有办法用计算器直接求PV了。 最后为什么不是102。36 x （1+4%）的66/360次方？
NO.PZ2016031001000069 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The full prithBonG will settle on 16 June 2014 is closest to: A.102.36. B.103.10. C.103.65. B is correct.The bons full priis 103.10. The priis terminein the following manner:of the beginning of the coupon perioon 10 April 2014, there are 2.5 years (5semiannuperio) to maturity. These five semiannuperio occur on 10 October2014, 10 April 2015, 10 October 2015, 10 April 2016 an10 October 2016. PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+PMT(1+r)4+PMT+FV(1+r)5PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\frac{PMT}{{(1+r)}^4}+\frac{PMT+FV}{{(1+r)}^5}PV=(1+r)1PMT+(1+r)2PMT+(1+r)3PMT+(1+r)4PMT+(1+r)5PMT+FVPV=2.5(1+0.02)1+2.5(1+0.02)2+2.5(1+0.02)3+2.5(1+0.02)4+2.5+100(1+0.02)5PV=\frac{2.5}{{(1+0.02)}^1}+\frac{2.5}{{(1+0.02)}^2}+\frac{2.5}{{(1+0.02)}^3}+\frac{2.5}{{(1+0.02)}^4}+\frac{2.5\text{+}100}{{(1+0.02)}^5}PV=(1+0.02)12.5+(1+0.02)22.5+(1+0.02)32.5+(1+0.02)42.5+(1+0.02)52.5+100PV = 2.45 + 2.40 + 2.36 + 2.31 + 92.84 = 102.36The accrueinterest periois intifie66/180. The number of ys between10April2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20ys remaining in April + 30 ys in M+ 16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.PVFull=PV×(1 +r)66/180PV^{Full}=PV\times{(1\text{ }+r)}^{66/180}PVFull=PV×(1 +r)66/180PVFull= 102.36×(1.02)66/180= 103.10PV^{Full}=\text{ }102.36\times{(1.02)}^{66/180}=\text{ }103.10PVFull= 102.36×(1.02)66/180= 103.10考点flpri full price解析首先，我们将未来五笔现金流折现到2014.4.10，得到现值之和为102.36。N=5，PMT=2.5，I/Y=2，FV=100，求得PV=102.36然后再将这个数值复利到2014.6.16，得到full price为103.10，故B正确。我们之所以没有直接将未来五笔现金流折到2014.6.16，是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年。因此现金流就不是一个年金的形式，我们就没有办法用计算器直接求PV了。 为什么不是full price=10/4/2014的PV+accrueinterest?
NO.PZ2016031001000069 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The full prithBonG will settle on 16 June 2014 is closest to: A.102.36. B.103.10. C.103.65. B is correct.The bons full priis 103.10. The priis terminein the following manner:of the beginning of the coupon perioon 10 April 2014, there are 2.5 years (5semiannuperio) to maturity. These five semiannuperio occur on 10 October2014, 10 April 2015, 10 October 2015, 10 April 2016 an10 October 2016. PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+PMT(1+r)4+PMT+FV(1+r)5PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\frac{PMT}{{(1+r)}^4}+\frac{PMT+FV}{{(1+r)}^5}PV=(1+r)1PMT+(1+r)2PMT+(1+r)3PMT+(1+r)4PMT+(1+r)5PMT+FVPV=2.5(1+0.02)1+2.5(1+0.02)2+2.5(1+0.02)3+2.5(1+0.02)4+2.5+100(1+0.02)5PV=\frac{2.5}{{(1+0.02)}^1}+\frac{2.5}{{(1+0.02)}^2}+\frac{2.5}{{(1+0.02)}^3}+\frac{2.5}{{(1+0.02)}^4}+\frac{2.5\text{+}100}{{(1+0.02)}^5}PV=(1+0.02)12.5+(1+0.02)22.5+(1+0.02)32.5+(1+0.02)42.5+(1+0.02)52.5+100PV = 2.45 + 2.40 + 2.36 + 2.31 + 92.84 = 102.36The accrueinterest periois intifie66/180. The number of ys between10April2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20ys remaining in April + 30 ys in M+ 16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.PVFull=PV×(1 +r)66/180PV^{Full}=PV\times{(1\text{ }+r)}^{66/180}PVFull=PV×(1 +r)66/180PVFull= 102.36×(1.02)66/180= 103.10PV^{Full}=\text{ }102.36\times{(1.02)}^{66/180}=\text{ }103.10PVFull= 102.36×(1.02)66/180= 103.10考点flpri full price解析首先，我们将未来五笔现金流折现到2014.4.10，得到现值之和为102.36。N=5，PMT=2.5，I/Y=2，FV=100，求得PV=102.36然后再将这个数值复利到2014.6.16，得到full price为103.10，故B正确。我们之所以没有直接将未来五笔现金流折到2014.6.16，是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年。因此现金流就不是一个年金的形式，我们就没有办法用计算器直接求PV了。 我好像跟什么题目搞混了，有道题是再投资的，什么时候才会再投资来着？