题目
Each of the following is necessarily TRUE about a bond's yield-to-maturity (YTM) EXCEPT:
选项
A.A bond that sells at a premium to par has a yield (YTM) that is less than its coupon rate
B.A bond that sells at a discount to par has a yield (YTM) that is greater than its coupon rate
C.The yield (YTM) of a zero-coupon bond equals the spot (zero) rate of the bond's maturity
D.If the same term structure of spot rates applies to two bonds with identical maturities, the bond with the higher yield (YTM) is a superior investment
答案
D
解析
This ignores the coupon effect. Fairly prices bonds will have various yields.In regard to (A), (B), and (C), each is TRUE. 这忽略了息票效应。 价格公允的债券将有不同的收益率。 关于（A），（B）和（C），每个都是正确的