问题
单项选择题
An investor has a 1-year, semiannual, 10% coupon bond which is priced at $1025. If the 6-month spot rate on a bond-equivalent basis is 8%, the 1-year theoretical spot rate as a BEY is:（）
A. 6.4%.
B. 7.3%.
C. 8.0%.
答案
参考答案：B
解析：
A BEY of 8% is equivalent to a 6 - month discount rate of 8/2=4%.
1025=50/1.04+1050/(1+r)2
1025-48.08=1050/(1+r)2
(1+r)2=1050/946.92=1.0748
r=(1.0748)0.50-1
r=0.0367 or 7.34% on a bond equivalent basis.