单选题 Consider a $ 1000 - face value, 12 - year, 8% , semiannual coupon bond with a YTM of 10.45%. The change in value for a decrease in yield of 38 basis points is:

A、

A. $21.18
B、

B. $22.76.
C、

C. $23.06.

【正确答案】 C

【答案解析】With YTM=10.45% (I/Y=5.225), PMT=40, N=24, FV=1000, PV=$834.61. With YTM =10.07% (I/Y=5.035), PV=$857.67, an increase of $23.06.