请问这道题里的最后一笔本金加利息103为何要除以三个利率的乘积?问题如下图:
选项:
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B.
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解释:
NO.PZ2018123101000062 问题如下 Bonis a 3-yeannupbonwith a coupon rate of 3%. Alvarez calculates the possible interest rate paths for Bonshown in the Exhibit below. Baseon the Exhibit, the present value of Bons cash flows following Path 2 is closest to: 97.0322. 102.8607. 105.8607. B is correct.考点Interest rate path的理解解析题干给出了4条不同的利率路径,现在需要计算的是在利率路径2下,债券价值;利率路径给定的是在不同时间节点的远期利率1-yeforwarrate,因此我们直接应用远期利率1-yeforwarrate对债券进行折现;31.015+3(1.015)×(1.028853)+103(1.015)×(1.028853)×(1.016487)=102.8607\frac3{1.015}+\frac3{(1.015)\times(1.028853)}+\frac{103}{(1.015)\times(1.028853)\times(1.016487)}=102.86071.0153+(1.015)×(1.028853)3+(1.015)×(1.028853)×(1.016487)103=102.8607 不是很理解如何看出题目该这么计算?为什么不可以使用3/1.05 + 3/1.028853^2 + 103/ 1.016487^3 而是看出按照题目的做法?是有什么关键词吗
NO.PZ2018123101000062 问题如下 Bonis a 3-yeannupbonwith a coupon rate of 3%. Alvarez calculates the possible interest rate paths for Bonshown in the Exhibit below. Baseon the Exhibit, the present value of Bons cash flows following Path 2 is closest to: 97.0322. 102.8607. 105.8607. B is correct.考点Interest rate path的理解解析题干给出了4条不同的利率路径,现在需要计算的是在利率路径2下,债券价值;利率路径给定的是在不同时间节点的远期利率1-yeforwarrate,因此我们直接应用远期利率1-yeforwarrate对债券进行折现;31.015+3(1.015)×(1.028853)+103(1.015)×(1.028853)×(1.016487)=102.8607\frac3{1.015}+\frac3{(1.015)\times(1.028853)}+\frac{103}{(1.015)\times(1.028853)\times(1.016487)}=102.86071.0153+(1.015)×(1.028853)3+(1.015)×(1.028853)×(1.016487)103=102.8607 然后加三倒推0时刻,结果为102.94,和每笔现金流分别折现(答案中的做法)有区别,请问两种方法都可以用吗还是有区别
NO.PZ2018123101000062 问题如下 Bonis a 3-yeannupbonwith a coupon rate of 3%. Alvarez calculates the possible interest rate paths for Bonshown in the Exhibit below. Baseon the Exhibit, the present value of Bons cash flows following Path 2 is closest to: 97.0322. 102.8607. 105.8607. B is correct.考点Interest rate path的理解解析题干给出了4条不同的利率路径,现在需要计算的是在利率路径2下,债券价值;利率路径给定的是在不同时间节点的远期利率1-yeforwarrate,因此我们直接应用远期利率1-yeforwarrate对债券进行折现;31.015+3(1.015)×(1.028853)+103(1.015)×(1.028853)×(1.016487)=102.8607\frac3{1.015}+\frac3{(1.015)\times(1.028853)}+\frac{103}{(1.015)\times(1.028853)\times(1.016487)}=102.86071.0153+(1.015)×(1.028853)3+(1.015)×(1.028853)×(1.016487)103=102.8607 这里不用spot rate 是因为 spot rate = forwarrate相乘?
NO.PZ2018123101000062 问题如下 Bonis a 3-yeannupbonwith a coupon rate of 3%. Alvarez calculates the possible interest rate paths for Bonshown in the Exhibit below. Baseon the Exhibit, the present value of Bons cash flows following Path 2 is closest to: 97.0322. 102.8607. 105.8607. B is correct.考点Interest rate path的理解解析题干给出了4条不同的利率路径,现在需要计算的是在利率路径2下,债券价值;利率路径给定的是在不同时间节点的远期利率1-yeforwarrate,因此我们直接应用远期利率1-yeforwarrate对债券进行折现;31.015+3(1.015)×(1.028853)+103(1.015)×(1.028853)×(1.016487)=102.8607\frac3{1.015}+\frac3{(1.015)\times(1.028853)}+\frac{103}{(1.015)\times(1.028853)\times(1.016487)}=102.86071.0153+(1.015)×(1.028853)3+(1.015)×(1.028853)×(1.016487)103=102.8607 老师您好,不是很理解怎看出来题目中表格给的都是一年期的远期利率?
NO.PZ2018123101000062 不知道在什么情况下需要把几个rates相乘算 还是直接用题目给的利率算?