题目
A three-year bond with a current price of $105.90 pays a semi-annual coupon with a coupon rate of 5.0% per annum. What is the bond's yield-to-maturity (YTM) on a bond-equivalent basis?
选项
A.1.97%
B.2.25%
C.2.93%
D.3.56%
答案
C
解析
PV = -105.91, PMT = 2.5, FV=100, CPT I/Y = 1.46392×2=2.92784%; i.e., bond-equivalent refers to semi-annual compound frequency.这道题的计算如下：PV =-105.91, PMT = 2.5, FV=100, CPT I/Y = 1.46392×2=2.92784%利率需要将计算出来的值乘2.