105=10+10/(1+R)+......+10/(1+R)^14+100/(1+R)^14

算出R就可以了,那时的市场匹配的收益率r<R,也就是说市场的价格要大于105.因为公司必然在发息前赎回最合算,所以第一个10不贴现,因为在发息期附近公司不可能在发息后再赎回

楼上的朋友,谢谢你的相助!我真是糊涂了,这么简单的东西没搞出来.但是第一期是需要贴现的!我做了.和答案是一样的.第一期也需要.

第一期如果是要贴现意味着刚刚付过利息,而在付息之前,公司赎回肯定也是有利的,所以理论上说公司有利的最早时间应该不可能在刚付息之后

from issuer perspective,there is possibility of redeeming callable bond prior to maturity after five years,if any,prevailing market rate decreasing.there is same effect to execised from five year to six year to both parties.but according to above discounted cash model,actual result from model is underestimated.and cash offered by issuer have to invested at lower rate.