题目
An investor considers the purchase of a 2-year bond with a 5% coupon rate, with interest paid annually. Assuming the sequence of spot rates shown below, the price of the bond is closest to:
「huixue_img/importSubject/1564548167599525888.png」
选项
A.101.93.
B.102.85.
C.105.81.
答案
A
解析
A is correct. The bond price is closest to 101.93. The price is determined in the following manner:PV = present value, or the price of the bondPMT = coupon payment per periodFV = future value paid at maturity, or the par value of the bondZ1 = spot rate, or the zero-coupon yield, for Period 1Z2 = spot rate, or the zero-coupon yield, for Period 2「huixue_img/importSubject/1564548167675023360.png」 A是正确的。债券价格接近101.93。价格按下列方式确定： PV=现值，或债券价格 PMT=每期息票 FV=到期时支付的未来价值，或债券的面值 Z1=期1的即期汇率或零息票收益率 Z2=第2期的即期汇率或零息票收益率