题目
Exactly one year ago, Sally purchased a $100.00 face value bond that pays a semiannual coupon with a coupon rate of 9.0% per annum. When she purchased the bond, it had a maturity of 10.0 years and its yield to maturity (YTM; aka, yield) was 6.00%. If the bond's price today happens to be unchanged from one year ago (when she purchased the bond), which of the following is nearest to the bond's yield (yield to maturity) today?
选项
A.5.57%
B.5.78%
C.6.00%
D.6.22%
答案
B
解析
When Sally initially purchased the bond its price was equal to =-PV(0.060/2, 10×2, $100×0.090/2, 100) = $122.3162. If the price is unchanged, then one year later (i.e., N – 2 periods), the yield is given by RATE(9×2, $100×0.090/2, -122.3162, 100)×2 = 5.7843%. Using the TI BA II calculator: 20 N, 3 I/Y, 4.5 PMT, 100 FV and CPT PV = -122.3162, then we only need to change the periods with 18 N, CPT I/Y [display: I/Y = 2.8922] × 2 = 5.7843%.当Sally最初购买债券时，其价格等于=-PV(0.060/2, 10×2, $100×0.090/2, 100) = $122.3162。如果价格没有变化，则一年后（即N – 2期），收益率将以RATE（9×2，$ 100×0.090 / 2，-122.3162，100）×2 = 5.7843％。使用TI BA II 计算器：20 N，3 I / Y，4.5 PMT，100 FV和CPT PV = -122.3162，那么我们只需要将周期更改为18 N，CPT I / Y [显示：I / Y = 2.8922]×2 = 5.7843％。