问题如下图：
选项：
A. 
B. 
C. 
解释：
有个小疑惑，请教老师
Full price = flat price + accrued interest，
在上一题里算过14.4.10的full/flat price是102.36，
在6.16卖的时候price是103.1，差值正好是b选项0.73
从4.10到6.16这段时间产生的是accrued interest吗？有点困惑...
吴昊_品职助教 · 2019年03月18日
首先4.10到6.16之间产生的是AI。然后用未来五笔现金流折现求和得到的102.36是2014年4月10日的PV，我们还要将其复利到2014年6月16号得到PVfull，因为4月10日到6月16日之间一共有66天。所以PVfull=PV*(1+r)^(66/180)=102.36*(1.02)^(66/180)=103.10。102.36是2014年4月10日债券的价值，并不能和103.10做差。
max · 2019年05月28日
我有同样的困惑，那p（6.16）-p（4.10）求出的代表什么呢？求老师解答
吴昊_品职助教 · 2019年05月29日
102.36是未来五笔现金流折到2014.4.10的现值之和，然后再将这个数值复利到2014.6.16。我们之所以没有直接将未来五笔现金流折到2014.6.16是因为五笔现金流的时间间隔不同，后面四笔现金流时间间隔是半年，而从6.16到10.10之间并不是半年，因此就不是一个年金的形式，我们就无法用计算器直接求PV了。那么从102.36到103.10，也就是你说的从P(4.10)到P(6.16)之间就是一个复利的过程。
NO.PZ2016031001000070 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The accrueinterest per 100 of pvalue for BonG on the settlement te of 16 June 2014 is closest to: A.0.46. B.0.73. C.0.92. C is correct.The accrueinterest per 100 of pvalue is closest to 0.92. The accrueinterest is terminein the following manner: The accrueinterest periois intifieas66/180. The number of ys between 10 April 2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20 ys remaining in April + 30 ys in M+16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.Accrueinterest = tT×PMT\text{Accrueinterest = }\frtT\times PMTAccrueinterest = Tt×PMTwhere:t = number of ys from the last coupon payment to the settlement teT = number of ys in the coupon perio/T= fraction of the coupon periothhgone sinthe last paymentPMT = coupon payment per perioccrueinterest = 66180×5.002=0.92\text{Accrueinterest = }\frac{66}{180}\times\frac{5.00}2\text{=}0.92Accrueinterest = 18066×25.00=0.92考点accrueinterest解析accrueinterest=coupon×t/T=(5/2)×(66/180)=0.92，故C正确。由于债券半年付息，所以一期的coupon是2.5。t=66，代表的是trang y和上一个付息日之间的天数，4月10号到6月16号之间是66天。T代表的就是两个付息日之间的天数，由于我们现在是30/360，所以半年天数就是180天。将上述数据代入accrueinterest的公式即可。 accrueinterest为什么在10/4/2014-16/6/2014这段？
NO.PZ2016031001000070 问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The accrueinterest per 100 of pvalue for BonG on the settlement te of 16 June 2014 is closest to: A.0.46. B.0.73. C.0.92. C is correct.The accrueinterest per 100 of pvalue is closest to 0.92. The accrueinterest is terminein the following manner: The accrueinterest periois intifieas66/180. The number of ys between 10 April 2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20 ys remaining in April + 30 ys in M+16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.Accrueinterest = tT×PMT\text{Accrueinterest = }\frtT\times PMTAccrueinterest = Tt×PMTwhere:t = number of ys from the last coupon payment to the settlement teT = number of ys in the coupon perio/T= fraction of the coupon periothhgone sinthe last paymentPMT = coupon payment per perioccrueinterest = 66180×5.002=0.92\text{Accrueinterest = }\frac{66}{180}\times\frac{5.00}2\text{=}0.92Accrueinterest = 18066×25.00=0.92考点accrueinterest解析accrueinterest=coupon×t/T=(5/2)×(66/180)=0.92，故C正确。由于债券半年付息，所以一期的coupon是2.5。t=66，代表的是trang y和上一个付息日之间的天数，4月10号到6月16号之间是66天。T代表的就是两个付息日之间的天数，由于我们现在是30/360，所以半年天数就是180天。将上述数据代入accrueinterest的公式即可。 老师您好，请问用计算器计算天数是怎么操作的，已经用计算器按出了起始日期，不知道如何相减。
NO.PZ2016031001000070问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The accrueinterest per 100 of pvalue for BonG on the settlement te of 16 June 2014 is closest to: A.0.46.B.0.73.C.0.92. C is correct.The accrueinterest per 100 of pvalue is closest to 0.92. The accrueinterest is terminein the following manner: The accrueinterest periois intifieas66/180. The number of ys between 10 April 2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20 ys remaining in April + 30 ys in M+16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.Accrueinterest = tT×PMT\text{Accrueinterest = }\frtT\times PMTAccrueinterest = Tt×PMTwhere:t = number of ys from the last coupon payment to the settlement teT = number of ys in the coupon perio/T= fraction of the coupon periothhgone sinthe last paymentPMT = coupon payment per perioccrueinterest = 66180×5.002=0.92\text{Accrueinterest = }\frac{66}{180}\times\frac{5.00}2\text{=}0.92Accrueinterest = 18066×25.00=0.92考点accrueinterest解析accrueinterest=coupon×t/T=(5/2)×(66/180)=0.92，故C正确。由于债券半年付息，所以一期的coupon是2.5。t=66，代表的是trang y和上一个付息日之间的天数，4月10号到6月16号之间是66天。T代表的就是两个付息日之间的天数，由于我们现在是30/360，所以半年天数就是180天。将上述数据代入accrueinterest的公式即可。 为什么是减去上一个付息日的天数不是减去下一个付息日天数
NO.PZ2016031001000070问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The accrueinterest per 100 of pvalue for BonG on the settlement te of 16 June 2014 is closest to: A.0.46.B.0.73.C.0.92. C is correct.The accrueinterest per 100 of pvalue is closest to 0.92. The accrueinterest is terminein the following manner: The accrueinterest periois intifieas66/180. The number of ys between 10 April 2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20 ys remaining in April + 30 ys in M+16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.Accrueinterest = tT×PMT\text{Accrueinterest = }\frtT\times PMTAccrueinterest = Tt×PMTwhere:t = number of ys from the last coupon payment to the settlement teT = number of ys in the coupon perio/T= fraction of the coupon periothhgone sinthe last paymentPMT = coupon payment per perioccrueinterest = 66180×5.002=0.92\text{Accrueinterest = }\frac{66}{180}\times\frac{5.00}2\text{=}0.92Accrueinterest = 18066×25.00=0.92考点accrueinterest解析accrueinterest=coupon×t/T=(5/2)×(66/180)=0.92，故C正确。由于债券半年付息，所以一期的coupon是2.5。t=66，代表的是trang y和上一个付息日之间的天数，4月10号到6月16号之间是66天。T代表的就是两个付息日之间的天数，由于我们现在是30/360，所以半年天数就是180天。将上述数据代入accrueinterest的公式即可。 我想再延伸下: 如果问full price是多少 怎么计算 谢谢
NO.PZ2016031001000070问题如下 BonG, scribein the exhibit below, is solfor settlement on 16 June 2014.AnnuCoupon 5%Coupon Payment Frequen SemiannualInterest Payment tes 10 April an10 OctoberMaturity te 10 October 2016y Count Convention 30/360AnnuYielto-Maturity 4%The accrueinterest per 100 of pvalue for BonG on the settlement te of 16 June 2014 is closest to: A.0.46.B.0.73.C.0.92. C is correct.The accrueinterest per 100 of pvalue is closest to 0.92. The accrueinterest is terminein the following manner: The accrueinterest periois intifieas66/180. The number of ys between 10 April 2014 an16 June 2014 is 66 ys baseon the 30/360 y count convention. (This is 20 ys remaining in April + 30 ys in M+16 ys in June = 66 ys total). The number of ys between coupon perio is assumeto 180 ys using the 30/360 y convention.Accrueinterest = tT×PMT\text{Accrueinterest = }\frtT\times PMTAccrueinterest = Tt×PMTwhere:t = number of ys from the last coupon payment to the settlement teT = number of ys in the coupon perio/T= fraction of the coupon periothhgone sinthe last paymentPMT = coupon payment per perioccrueinterest = 66180×5.002=0.92\text{Accrueinterest = }\frac{66}{180}\times\frac{5.00}2\text{=}0.92Accrueinterest = 18066×25.00=0.92考点accrueinterest解析accrueinterest=coupon×t/T=(5/2)×(66/180)=0.92，故C正确。由于债券半年付息，所以一期的coupon是2.5。t=66，代表的是trang y和上一个付息日之间的天数，4月10号到6月16号之间是66天。T代表的就是两个付息日之间的天数，由于我们现在是30/360，所以半年天数就是180天。将上述数据代入accrueinterest的公式即可。 PMT到底是coupon rate还是coupon rate乘以100？