What is the price of a RMB1 000 face value, 10% coupon bond with three years to run befo reaching maturity? The three-year rate

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问题 What is the price of a RMB1 000 face value, 10% coupon bond with three years to run befo reaching maturity? The three-year rate of interest is currently 8%.______.

选项 A、RMB1 051.54
B、RMB1 000
C、RMB951.98
D、RMB1 037.62

答案A

解析 答案为A项。决定债券价格的根本因素是债券息票收入和到期票面价值的现值总和,通常市场利率若等于债券的票面利率,则债券平价(ac par)销售;若市场利率高于债券的票面利率,则债券折价销售(below par);若市场利率低于债券的票面利率,则债券溢价销售(above par)。本题的债券销售价格为:l 000×10%/(1+8%)+1 000×10%/ (1+8%)2+l 000><10%/(1+8%)3+1 000/(1+8%)3=l054。故本题选A项。
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