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123456789101112131415161718192021ABCEFGHIJKLMNOP865.80inE8:=E5*E3inE10:债券面值10001%1473.57inE9:=PV(E7,E6,-E8)inE11:一年付息2%1359.30债券票面利率6.0%#3%1255.91inE14:=RATE(E6,-E8,E13,-E3)到期年限104%1162.22要求的回报率8%5%1077.22票面利息606%1000.00inC17:=C14&=&ROUND(E14*100,1)&%年还款现值402.607%929.76到期时归还面值的现值463.198%865.80债券发行价格865.809%807.47inD5:=E5/2inD6:10%754.22债券当前价格1100YTM4.7%价格依赖于要求回报率折线1%10006%1000YTM=4.7%6%700YTM依赖于当前价格折线1%1100.004.7%1100.004.7%700123456789101112131415161718192021QRST=PV(E7,E6,,-E3)=PV(E7,E6,-E8,-E3)=RATE(E6,-E8,E13,-E3)=C14&=&ROUND(E14*100,1)&%=E6*2inD7:=E7/2面值=6.0%1000(i,M)700800900100011001200130014001%2%3%4%5%6%7%8%9%10%要求回报率债券发行价格随要求回报率的变化面值=1000票面利率6.0%面值=6.0%1000市场价格=YTM=11004.7%(i,M)700800900100011001200130014001%2%3%4%5%6%7%8%9%10%要求回报率根据债券市场价格来确定其YTMYTM=4.7%市场价格1100面值=1000票面利率6.0%