问题
单项选择题
An analyst is doing research about the change of bond value to the passage of time and gathered the following information about an option-free bond. The bond has 6 percent coupon and 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. At this time, the change in value for this bond that is attributable only to change of interest rate is closest to:（）
A. -$18.50
B. $7.91
C. $18.50
答案
参考答案：C
解析：
N=8，I/Y =5，PMT=$1000×6%/2=$30，FV=$1000，求出PV=$1035.85，当利率改变时，N=8，I/Y=4.5，PMT=$1000×6%/2=$30，FV=$1000，求出PV=$1054.35，因此利率从5%变化为4.5%时，价格上升了$1054.35-$1035.85=$18.50。