曲线是contango的话 roll yield不是会变成负的嘛？

问：这道题的追问，我好像用的是S4,所以不能这么做是不是？

04.单选题 已收藏 标记 纠错 Given the following spot and forward rates: Current 1-year spot rate is 5.4%. One-year forward rate one year from today is 7.52%. One-year forward rare two years from today is 12.56%. One-year forward rate three years from today is 13.3%. The value of a 4-year, 10% annual-pay, $1,000 par value bond is closest to: A $996. B $1022.62. C $1,086. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：72% Forward rates难度：一般 推荐：      答案解析 问：这里再追问一下，这里讲的是固定收益的 远期利率，还要一个概念是 衍生品里的foward产品。我想探讨一下，因为在利率市场上，远期利率是不可能现在确定，所以个人之间约定（比如3个月后）的利率价格就叫作 远期利率了?久而久之，这种产品也就叫作远期了，这是我的猜测，是这样吗？

04.单选题 已收藏 标记 纠错 Given the following spot and forward rates: Current 1-year spot rate is 5.4%. One-year forward rate one year from today is 7.52%. One-year forward rare two years from today is 12.56%. One-year forward rate three years from today is 13.3%. The value of a 4-year, 10% annual-pay, $1,000 par value bond is closest to: A $996. B $1022.62. C $1,086. 问：和本题无关，想问一下 bond的spot rate和forward rate是哪里来的，是发行机构（比如银行）规定好的么，可以在相应的地方查到吗？

02.单选题 已收藏 标记 纠错 Given the following forward rates, the value of a 4-year, 11% annual pay, $1,000 par bond, is closest to: Year Rate 0y1y 7% 1y1y 8.15% 2y1y 10.3% 3y1y 12.00% Note that the year 1 rate is the current rate (or spot rate) on a 1-year security. A $1,052.63. B $984.25. C $1,060.36. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：40% Forward rates难度：一般 推荐：      答案解析 Spot Rates: Year 1 = 7%. Bond Value: N = 1; FV = 110; I/Y = 7; CPT → PV = 102.80 N = 2; FV = 110; I/Y = 7.57; CPT → PV = 95.06 N = 3; FV = 110; I/Y = 8.48; CPT → PV = 86.17 N = 4; FV = 1,110; I/Y = 9.35; CPT → PV = 776.33 102.80 + 95.06 + 86.17 + 776.33 = 1,060.36 问：我用（1+S1）*（1+1y1y）*（1+2y1y）*（1+3y1y）=（1=r）四次方，然后求出r,在用计算器第三排直接一步算的PV，结果是：1053.20和A比较接近，这样做可以吗

老师这道题是不是应该用DD来解释更合理？

A 选项为什么不对 ？难道不是支付了550000的利息

为什么 interest rate 是乘以 5%， 而不是4%？

05.单选题 收藏 标记 纠错 To obtain the spot yield curve, a bond analyst would most likely use the most: A recently issued and actively traded corporate bonds. B recently issued and actively traded government bonds. C seasoned and actively traded government bonds. 查看解析 上一题 提交试卷 正确答案B 您的答案A本题平均正确率：84% Yield curve难度：一般 推荐：      答案解析 B is correct. To obtain the spot yield curve, a bond analyst would prefer to use the most recently issued and actively traded government bonds. Such bonds will have similar liquidity as well as fewer tax effects because they will be priced closer to par value. A is incorrect because the spot yield curve is derived from the most recently issued and actively traded government, not corporate, bonds. C is incorrect because seasoned government bonds tend to be less liquid than newly issued ones because they are typically owned by buy-and-hold investors. 问：on the run到底是指 交易活跃 还是指 近期发行?

老师可以再解释一下A么，对ED的定义还是有点不太清楚