画图解释

问题如下：

If the discount factors for six months, 12 months, 18 months, and 24 months are 0.99, 0.98, 0.97, and 0.96, (respectively). What is the price of a two-year bond paying a coupon of 3% per year (on a semi-annual basis)?

解释：

题目问：个月、12个月、18个月、24个月的discount factor分别是0.99、0.98、0.97和0.96。求2年期3%coupon半年付息一次的债券的价格。

The bond price is 0.99 × 1.5 + 0.98 ×1.5 + 0.97 × 1.5 + 0.96 × 101.5 = 101.85