问题如下：
A manager has constructed a portfolio with a 10-year, $500,000, zero-coupon bond with an annual YTM of 6%. Assuming that the YTM remains the same after three years, what will he get if he sells the bond for $343,333?
选项：
A.A capital gain.
B.A capital loss.
C.Neither a capital gain nor loss.
解释：
A is correct.
If the YTM remains at 6%, the price of the bond's carrying value should be 500,000/1.067=332,528.56 after three years.
The selling price is more than the bond's carrying value, so the manager will get a capital gain.
FV=500000 I/Y=6 PMT=0 N=10-3=7
500000 为何不是PV? N 为何不是3
