单选题 An analyst does research about valuation of bond. An option-free 6 percent coupon bond has an annual discount rate of 5 percent, pays interest semiannually, matures in five years, and is valued at $1043.76. One year later, the annual discount rate for that bond is 4.5 percent and the bond is valued at $1054.35. The change in value for this bond that is attributable only to the change of discount rate is closest to:
A. -$7.91
B. $7.91
C. $18.5

【正确答案】 C
【答案解析】[解析] 先保持折现率不变,只考虑时间过了一年:N=8,PMT=1000×6%/2=30,I/Y=5/2=2.5,FV=1000,求出PV=-1035.85。价格从原来的$1043.76变为$1035.85,仅仅是由于时间的流逝(保持折现率不变);而价格从$1035.85变为$1054.35,是由于折现率变小了(保持时间不变)。