🤨肖大YAN😊 · 2020年11月06日
问题如下：
The following spot and forward rates have been given:
What's the value of a 3-year, 10% annual-pay, $1000 par value bond?
选项：
A.$996.
B.$1,055.
C.$1,086.
解释：
B is correct.
=$1055.21
为什么不能
(1+S3)3次方 = (1+S1)*(1+1y1y)2次方*(1+2y1y)3次方
S3=18.06%
最后用计算器
N=3 I/Y=18.06 PMT=100 FV=1000
算PV呢
谢谢
NO.PZ2016031002000031 问题如下 The following spot anforwarrates have been given: Current 1-yespot rate is 6%. One-yeforwarrate one yefrom toy is 8%. One-yeforwarrate two years from toy is 10%.What's the value of a 3-year, 10% annual-pay, $1000 pvalue bon A.$996. B.$1,055. C.$1,086. B is correct.考点bonvaluation解析通过现金流折现求和，可得债券价格为1055.21，故B正确。Bonvalue=1001.06+100(1.06)(1.08)+1100(1.06)(1.08)(1.1)Bontext{ }value=\\\frac{100}{1.06}+\frac{100}{(1.06)(1.08)}+\frac{1100}{(1.06)(1.08)(1.1)}\\Bonvalue=1.06100+(1.06)(1.08)100+(1.06)(1.08)(1.1)1100=$1055.21 如题，老师我的算法是（1+y）三次方=（1+6%）（1+8%）（1+10%），算出来y=7.98% 然后n=3 pmt=100 FV=1000，算出来pv=1052，请问老师这种方法错在哪里呢？谢谢！
NO.PZ2016031002000031问题如下 The following spot anforwarrates have been given: Current 1-yespot rate is 6%. One-yeforwarrate one yefrom toy is 8%. One-yeforwarrate two years from toy is 10%.What's the value of a 3-year, 10% annual-pay, $1000 pvalue bonA.$996.B.$1,055.C.$1,086. B is correct.考点bonvaluation解析通过现金流折现求和，可得债券价格为1055.21，故B正确。Bonvalue=1001.06+100(1.06)(1.08)+1100(1.06)(1.08)(1.1)Bontext{ }value=\\\frac{100}{1.06}+\frac{100}{(1.06)(1.08)}+\frac{1100}{(1.06)(1.08)(1.1)}\\Bonvalue=1.06100+(1.06)(1.08)100+(1.06)(1.08)(1.1)1100=$1055.21 求解。
NO.PZ2016031002000031 问题如下 The following spot anforwarrates have been given: Current 1-yespot rate is 6%. One-yeforwarrate one yefrom toy is 8%. One-yeforwarrate two years from toy is 10%.What's the value of a 3-year, 10% annual-pay, $1000 pvalue bon A.$996. B.$1,055. C.$1,086. B is correct.考点bonvaluation解析通过现金流折现求和，可得债券价格为1055.21，故B正确。Bonvalue=1001.06+100(1.06)(1.08)+1100(1.06)(1.08)(1.1)Bontext{ }value=\\\frac{100}{1.06}+\frac{100}{(1.06)(1.08)}+\frac{1100}{(1.06)(1.08)(1.1)}\\Bonvalue=1.06100+(1.06)(1.08)100+(1.06)(1.08)(1.1)1100=$1055.21
$1,055. $1,086. B is correct. lBonvalue=1001.06+100(1.06)(1.08)+1100(1.06)(1.08)(1.1){l}Bontext{ }value=\\\frac{100}{1.06}+\frac{100}{(1.06)(1.08)}+\frac{1100}{(1.06)(1.08)(1.1)}\\lBonvalue=1.06100+(1.06)(1.08)100+(1.06)(1.08)(1.1)1100=$1055.21请问这道题和PPT176页的题一样，为什么算法不同？
