请问老师，您经常讲到零息债券的付息为半年一次，为什么讲义中下面这道例题却用了一年来计算价格？难道是由于题目中出现“annual basis”了吗？我理解这仅仅是指9.6以年息表示。

Example 3

A zero-coupon bond has a yield to maturity of 9.6 percent (annual basis) and a par value of $1,000. If the bond matures in 10 years, today's price of the bond would be:

     A)   $399.85.

     B)  $422.41.

     C)  $512.23.

     D)  $391.54.

The correct answer was A) $399.85.

I = 9.6

FV = 1,000

N = 10

PMT = 0

PV = ?

PV = 399.85