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　　Exercise：
　　A firm has just issued $1,000 face value bonds with a coupon rate of 8%, paid     semi-annually, and a maturity of 15 years. If the issue price for this bond is $785.50, what is the yield-to-maturity, stated annually?
　　A.       9.872%
　　B.       10.365%
　　C.       10.942%
　　D.       11.120%
　　Answer: C
　　Using a bond calculator, PV= -785.5; FV=I000; N=30(15×2); PMT =40(1000×0.08/2). Solving for I/Y we get 5.471×2=10.942.
　　相關(guān)知識(shí)點(diǎn)： Yield to Maturity
　　The YTM of a fixed-income security is equivalent to its internal rate of return. The YTM is the discount rate that equates the present value of all cash flows associated with the instrument to its price. The yield to maturity assumes cash flows will be reinvested at the YTM and assumes that the bond will be held until maturity.
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