问题如下：
5. For Assignment 1, the yield to maturity for Bond Z is closest to the:
选项：
A.one-year spot rate
B.two-year spot rate
C.three-year spot rate
解释：
C is correct.
The yield to maturity, y(3), of Bond Z should be a weighted average of the spot rates used in the valuation of the bond. Because the bond’s largest cash flow occurs in Year 3, r(3) will have a greater weight than r(1) and r(2) in determining y(3).
Using the spot rates:
Price=$60/(1.025)+$60/(1.030)2+$1060/(1.035)3=$1071.16
Using the yield to maturity:
Price=$60/[1+y(3)]+$60/[1+y(3)]2+$1060/[1+y(3)]3=1071.16
Using a calculator, the compute result is y(3)=3.46%, which is closest to the three-year spot rate of
3.5%
Par Bond 的定义：A par bond is a bond that sells at its exact face value.
如果正常求YTM，我会。但是题目里提到，$1000 Par Bond, 不应该price = 1000，然后YTM不是应该直接等于coupon rate 6%吗？
