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Gabriela · 2024年08月18日

此题怎么做？

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000024

问题如下：

A four-year, 2.0% semiannual coupon bond that pays coupons semiannually is trading at a price of 102.581. The bond’s annualized yield-to-maturity is closest to:

选项：

A.

0.67%.

B.

1.34%.

C.

2.22%.

解释：

B is correct. Two approaches to calculating the yield-to-maturity are calculating an IRR or using the YIELD function in Microsoft Excel or Google Sheets. The periodic IRR is annualized by multiplying by two.


A is incorrect because 0.67% is the periodic, not annualized, yield-to-maturity.

C is incorrect. Note that this choice can be eliminated because the bond is trading at a premium; thus its yield-to-maturity is lower than its coupon rate of 2.0%.

解析中PMT=1, FV =100是怎么得出来的？题目未给出这些信息啊。谢谢！

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1 个答案

吴昊_品职助教 · 2024年08月19日

嗨，努力学习的PZer你好：


1、关于债券面值，是个默认的已知条件。如果题目不给出，我们也要会根据债券价格来反推。债券面值要么是100，要么是1000.

2、本题中有：trading at a price of 102.581，我们可以得知债券的价格是102.581，说明债券价格在100附近，那债券面值默认为100。如果现在题目换一下已知条件，债券价格变为1025.81，说明债券价格在1000附近，那债券面值默认为1000.

3、关于PMT：2.0% semiannual coupon bond，现在债券是半年付息一次，那么一期的PMT=100×2%/2=1

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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