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3#
发表于 2013-4-12 22:03
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Price is 100. You have only 9,642,899 in you pocket so you can purchase 9,642.899 (9,642,899.-/100, since the price is 100.00000”) units of bond which worth $ 9,642,899.
You are getting confused between the price it is selling at which is at par 100 and the amount he has to purchase them. Do not even think about the YTM at this point. He is purchasing these bonds selling at 100 with 9,642,899 ( money he has), so he buys 9,642.899 (9,642,899/100) worth of bonds.
Is it clear now? |
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