kimbol

不同意二楼的算法。

我对Treasury bill(T-bill) has a holding period yield of 6%的理解为 annual yield 6%.

975 = 50/(1+6%/2) + 1050/(1+x/2)^2

answer x = 12.9%.

D.

how?

yourworld

能给解释一下为什末这样计算吗？看不大懂。

applicatio

50/(1 + 6%) + 1050/(1+X%)^2 = 975

calculate X%: 6.38%

so, 1-year theoretical spot rate on a bond equivalent basis is 2 * 6.38% = 12.76%