问一道题：NO.PZ2016031001000079 [ CFA I ]

NO.PZ2016031001000079问题如下 A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons annuyielto-seconcall is closest to:A.2.97%.B.5.72%.C.5.94%. C is correct.The yielto-seconcall is 5.94%. Given the seconcall te is exactly four years away, the formula for calculating this bons yielto-seconcall is:PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+⋯+PMT(1+r)7+PMT+FV(1+r)8PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\cts+\frac{PMT}{{(1+r)}^7}+\frac{PMT+FV}{{(1+r)}^8}PV=(1+r)1PMT​+(1+r)2PMT​+(1+r)3PMT​+⋯+(1+r)7PMT​+(1+r)8PMT+FV​where:PV = present value, or the priof the bonMT = coupon payment per perioV = call pripaicall ter = market scount rate, or requirerate of return per perio01=3(1+r)1+3(1+r)2+3(1+r)3+⋯+3(1+r)7+3+101(1+r)8101=\frac3{{(1+r)}^1}+\frac3{{(1+r)}^2}+\frac3{{(1+r)}^3}+\cts+\frac3{{(1+r)}^7}+\frac{3+101}{{(1+r)}^8}101=(1+r)13​+(1+r)23​+(1+r)33​+⋯+(1+r)73​+(1+r)83+101​r = 0.0297To arrive the annualizeyielto-seconcall, the semiannurate of 2.97% must multiplietwo. Therefore, the yielto-seconcall is equto 2.97% × 2 = 5.94%. 考点YTC解析求的是yielto-seconcall，第二次赎回价格为101，因此FV=101，N=4×2=8，PMT=3，PV= -101，求得I/Y=2.97，再乘2得YTC为5.94%，故C正确。 没看懂为啥FV和PV都是101

NO.PZ2016031001000079问题如下A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons annuyielto-seconcall is closest to:A.2.97%.B.5.72%.C.5.94%. C is correct.The yielto-seconcall is 5.94%. Given the seconcall te is exactly four years away, the formula for calculating this bons yielto-seconcall is:PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+⋯+PMT(1+r)7+PMT+FV(1+r)8PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\cts+\frac{PMT}{{(1+r)}^7}+\frac{PMT+FV}{{(1+r)}^8}PV=(1+r)1PMT​+(1+r)2PMT​+(1+r)3PMT​+⋯+(1+r)7PMT​+(1+r)8PMT+FV​where:PV = present value, or the priof the bonMT = coupon payment per perioV = call pripaicall ter = market scount rate, or requirerate of return per perio01=3(1+r)1+3(1+r)2+3(1+r)3+⋯+3(1+r)7+3+101(1+r)8101=\frac3{{(1+r)}^1}+\frac3{{(1+r)}^2}+\frac3{{(1+r)}^3}+\cts+\frac3{{(1+r)}^7}+\frac{3+101}{{(1+r)}^8}101=(1+r)13​+(1+r)23​+(1+r)33​+⋯+(1+r)73​+(1+r)83+101​r = 0.0297To arrive the annualizeyielto-seconcall, the semiannurate of 2.97% must multiplietwo. Therefore, the yielto-seconcall is equto 2.97% × 2 = 5.94%. 考点YTC解析求的是yielto-seconcall，第二次赎回价格为101，因此FV=101，N=4×2=8，PMT=3，PV= -101，求得I/Y=2.97，再乘2得YTC为5.94%，故C正确。 按计算器的时候，N=8，PMT=3，FV=101，PV是怎么算出来的呀

NO.PZ2016031001000079问题如下A bonwith 5 years remaining until maturity is currently trang for 101 per 100 of pvalue. The bonoffers a 6% coupon rate with interest paisemiannually. The bonis first callable in 3 years, anis callable after thte on coupon tes accorng to the following schele: The bons annuyielto-seconcall is closest to:A.2.97%.B.5.72%.C.5.94%. C is correct.The yielto-seconcall is 5.94%. Given the seconcall te is exactly four years away, the formula for calculating this bons yielto-seconcall is:PV=PMT(1+r)1+PMT(1+r)2+PMT(1+r)3+⋯+PMT(1+r)7+PMT+FV(1+r)8PV=\frac{PMT}{{(1+r)}^1}+\frac{PMT}{{(1+r)}^2}+\frac{PMT}{{(1+r)}^3}+\cts+\frac{PMT}{{(1+r)}^7}+\frac{PMT+FV}{{(1+r)}^8}PV=(1+r)1PMT​+(1+r)2PMT​+(1+r)3PMT​+⋯+(1+r)7PMT​+(1+r)8PMT+FV​where:PV = present value, or the priof the bonMT = coupon payment per perioV = call pripaicall ter = market scount rate, or requirerate of return per perio01=3(1+r)1+3(1+r)2+3(1+r)3+⋯+3(1+r)7+3+101(1+r)8101=\frac3{{(1+r)}^1}+\frac3{{(1+r)}^2}+\frac3{{(1+r)}^3}+\cts+\frac3{{(1+r)}^7}+\frac{3+101}{{(1+r)}^8}101=(1+r)13​+(1+r)23​+(1+r)33​+⋯+(1+r)73​+(1+r)83+101​r = 0.0297To arrive the annualizeyielto-seconcall, the semiannurate of 2.97% must multiplietwo. Therefore, the yielto-seconcall is equto 2.97% × 2 = 5.94%. 考点YTC解析求的是yielto-seconcall，第二次赎回价格为101，因此FV=101，N=4×2=8，PMT=3，PV= -101，求得I/Y=2.97，再乘2得YTC为5.94%，故C正确。 如题。……………..

老师可以一下Yielto seconcall,yielto call区别吗？

n=8 pmt=3 pv=-101 fv=100 这么摁计算机为什么不对？ 算出来2.858 2.858*2=5.72