NO.PZ2023090201000043
问题如下：
An analyst gathers the following information about a callable bond that pays interest annually:
选项：
A.yield to maturity.
B.yield to first call.
C.yield to second call.
解释：
C is correct.
考点：Yield to worst
解析：本题让计算 yield-to-worst，所以需要计算出每种情况下的收益再进行对比。
1、对于 yield-to-maturity:
N=4；PV= -105；PMT=4；FV=100 → CPT：I/Y =2.67
2、对于 yield-to-frist call:
N=2；PV= -105；PMT=4；FV=103 → CPT：I/Y =2.87
3、对于 yield-to-second call:
N=3；PV= -105；PMT=4；FV=101 → CPT：I/Y =2.57
所以对比最差的是yield-to-second call，即2.57%，故选项C正确。
N=2，FV=100，PV=-103，PMT=4，得出I/Y=2.44