问题如下：
An investor buys a bond with the following factors:
The investor is going to hold the bond to maturity. Assuming coupon payments could be reinvested at the YTM, what would the investor's final return be if the YTM for the bond decreases to 5% before the first coupon payment is made?
选项：
A.Less than 5.5%.
B.Greater than 5.5%.
C.Equal to 5.5%.
解释：
A is correct.
Due to the decrease in the reinvestment income over the life of the bond caused by the decrease in the YTM to 5.0% , the investor will earn less than 5.5%.
"what would the investor's final return be" 为何求的是PV而不是FV？
