4.8 Par Yield(continued) In general if m is the number of coupon payments per year, P is the present value of $1 received at maturity and a is the present value of an annuity(年金)of$10 n each coupon date 100=A+100P→/c(100-100P)m Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal University4.8 Options, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University Par Yield (continued) In general if m is the number of coupon payments per year, P is the present value of $1 received at maturity and A is the present value of an annuity(年金) of $1 on each coupon date ➔ c P m A = (100 − 100 ) 100 100P m c = A +