解题思路没看懂

NO.PZ2023052301000041问题如下 investor purchases eight-year, 6.4% annucoupon eurobonpricepansells it after six years. Assuming interest rates rise 100 bps immeately after purchase, the investor’s rate of return the enof six years is: A.lower th6.4%.B.equto 6.4%.C.higher th6.4%. A is correct. The future value of reinvestecoupon interest is= FV(0.074,6,6.4,0,0) = 46.245.The sale priof the bonthe enof six years is= PV(0.074,2,6.40,100,0) = 98.202,whiresults in a six-yehorizon yielof 6.32%, whiis lower th6.40%:B anC are incorrect, because interest rates have risen anthe investor’s investment horizon is not long enough to offset the pricline with aitionreinvestment return. 八年，Ri影响是6年，price影响是2年。从简单的思路来说，再投资收益的影响肯定更大吧，那实际收到的回报应该更大吧？相同的思路，我看了基础班讲义的218页的例题，那一题是五年期的债券，第二年卖掉，利率也是在他买入后马上上升的。我理解为，再投资收益影响两年，price影响三年，Price影响更大再投资影响更小。所以那题没有实际计算，就可以推出来return是比coupon小。所以疑惑课后题的思路为什么在本题不适用呢？

NO.PZ2023052301000041 问题如下 investor purchases eight-year, 6.4% annucoupon eurobonpricepansells it after six years. Assuming interest rates rise 100 bps immeately after purchase, the investor’s rate of return the enof six years is: A.lower th6.4%. B.equto 6.4%. C.higher th6.4%. A is correct. The future value of reinvestecoupon interest is= FV(0.074,6,6.4,0,0) = 46.245.The sale priof the bonthe enof six years is= PV(0.074,2,6.40,100,0) = 98.202,whiresults in a six-yehorizon yielof 6.32%, whiis lower th6.40%:B anC are incorrect, because interest rates have risen anthe investor’s investment horizon is not long enough to offset the pricline with aitionreinvestment return. https://class.pzacamy.com/qa/155511以上链接的计算步骤很清楚了，属于审题没有搞懂。 第一步计算的金额coupon都已经付掉了， 算价值不应该包含进去了吧， 为什么计算时候还有这道题的解题思路是什么，背步骤很困惑

NO.PZ2023052301000041问题如下 investor purchases eight-year, 6.4% annucoupon eurobonpricepansells it after six years. Assuming interest rates rise 100 bps immeately after purchase, the investor’s rate of return the enof six years is: A.lower th6.4%.B.equto 6.4%.C.higher th6.4%. A is correct. The future value of reinvestecoupon interest is= FV(0.074,6,6.4,0,0) = 46.245.The sale priof the bonthe enof six years is= PV(0.074,2,6.40,100,0) = 98.202,whiresults in a six-yehorizon yielof 6.32%, whiis lower th6.40%:B anC are incorrect, because interest rates have risen anthe investor’s investment horizon is not long enough to offset the pricline with aitionreinvestment return. 利率上升，RI上升，sell price降低。还剩两年，sell pri两年的risk较小能够被RI抵消，因此RI上升，总体利率上升？

NO.PZ2023052301000041问题如下 investor purchases eight-year, 6.4% annucoupon eurobonpricepansells it after six years. Assuming interest rates rise 100 bps immeately after purchase, the investor’s rate of return the enof six years is: A.lower th6.4%.B.equto 6.4%.C.higher th6.4%. A is correct. The future value of reinvestecoupon interest is= FV(0.074,6,6.4,0,0) = 46.245.The sale priof the bonthe enof six years is= PV(0.074,2,6.40,100,0) = 98.202,whiresults in a six-yehorizon yielof 6.32%, whiis lower th6.40%:B anC are incorrect, because interest rates have risen anthe investor’s investment horizon is not long enough to offset the pricline with aitionreinvestment return. 这个不能用老师讲的算作持有long term ，r上升 rr大于ytm吗？