So, if it's a four-year bond, it would trade at about $90, 6% so it would be yielding 6%.

所以，如果这是四年期的债券，那么它可能在大约90美元左右进行交易，因此它的收益率大约在。

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You want to subtract off the value of a perpetuity that starts after 2T, six-month intervals, so this is the present value of the perpetuity that starts after 2T, six-month intervals.

所以就要从永续债券价格里减去,2T期以后,每六月一期券息的贴现值,这部分是永久债券从第2T期后,每半年一期券息的现值

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