NO.PZ2016031001000058
问题如下：
Which bond offers the lowest yield-to-maturity?
选项：
A.
Bond A
B.
Bond B
C.
Bond C
解释：
A is correct.
Bond A offers the lowest yield-to-maturity. When a bond is priced at a premium above par value the yield-to-maturity (YTM), or market discount rate is less than the coupon rate. Bond A is priced at a premium, so its YTM is below its 5% coupon rate. Bond B is priced at par value so its YTM is equal to its 6% coupon rate. Bond C is priced at a discount below par value, so its YTM is above its 5% coupon rate.
考点：YTM
解析：这道题只需要比较一下每只债券折价、溢价、平价，就可以得到YTM的大小比较。最后一列time-to-maturity用不到。
债券A，价格大于面值，说明coupon rate＞YTM，则YTM＜5%。债券B，价格等于面值，说明coupon rate=YTM=6%。债券C，价格小于面值，说明coupon rate＜YTM，则YTM＞5%。所以综合比较，债券A的YTM最小，故选项A正确。
这里的price是PV还是FV，然后默认的100是PV还是FV
