At 1 January, 2008, an option-free 8 percent annual coupon bond, with 10 years to maturity and a par value of $1000, had a discount rate of 9 percent. On 1 January 2009, the discount rate had decreased to 8.5 percent because of an upgrade in the bond’s rating. If interest is paid annually, the portions of the bond’s price change from 2008 to 2009 attributable to the passage of time and the rating upgrade respectively, are closet to:Passage of time Rating upgrade（）①A. -$4.23$29.35 ②B. -$4.23$33.58 ③C. $4.23$29.35
A. ①
B. ②
C. ③
参考答案：C
解析：
2009.1.1 N=10, PMT=80, FV=1000, I/Y=9, PV=935.82; 2009.1.1 not considering rating upgrade, N=9, PMT=80, FV=1000, I/Y=9, PV=940.05; 2009.1.1 considering rating upgrade, N=9, PMT=80, FV=1000, If Y=8.5 PV=969.40; Passage of time =940.05-935.82=4.23 Rating upgrade =969.40-940.05=29.35