问题如下：
Based on Exhibits 4 and 7, the present value of Bond D’s cash flows following Path 2 is closest to:
选项：
A.97.0322.
B.102.8607.
C.105.8607.
解释：
B is correct.
The present value of Bond D’s cash flows following Path 2 is 102.8607 and can be calculated as follows:
Time 2 node value = 0.5 × [(103/1.016487) + (103/1.016487)] + 3 =104.3294.
Time 1 node values = (104.3294/1.028853) + 3 = 104.4036.
Time 0 node value (Path 2 PV) = (104.4036/1.015) = 102.8607.
为什么不能把每个节点当成spot rate来用呢？
103/（1.016487）3+3/（1.028853）3+3/1.015=103.86
我黑体字这样算不可以么？为什么呢
