在CFA l1的第一本试题集里面的一道题目，An investor purchased a $10,000, 5-year corporate note one year ago for $10,440. The note pays an annual coupon of $600. Over the past year, the note's annual yield-to-maturity has dropped by 1%, what total return did the investor earn over the year?

标准答案是8.5%，不知道是怎么计算出来的……多谢各位了！

先计算原来的YTM：

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PV=-10,440  PMT=600  N=5  FV=10,000, CPT->I/Y=4.984

因为YTM下降100个bp， 所以I/Y=4.984-1=3.984，计算

PMT=600  N=4  FV=10,000  I/Y=3.984, CPT->V=-10,732

假设他去年以10440购入， 今年以10,732卖出，另外coupon收到600，total return计算就是：

total return = (10,732+600)/10,440 -1 = 8.5%

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