单选题
Using the following information about spot rates, what is the price of
a three-year bond with $100 par and annual coupon payments of 5 percent?
One-year rate: 4.78% Two-year rate: 5.56% Three-year rate:
5.98%
A. $97.47.
B. $96.33.
C. $98.87.
【正确答案】
A
【答案解析】The bond price is computed as follows: Bond price =5/1.0478+5/1.05562+105/1.05983=$97.47.