Take a bond with a 2% real yield maturing in ten years’ time; the bond will pay an initial $20 on a face value of $1, 000.

购买一份真实收益率为2%的10年期债券，当面值为1000美元时，债券最初付息是20美元。

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Veteran investors may recall 1962, when the Treasury-bond yield was less than 4%. Those who bought bonds then earned negative real returns over the succeeding five-, ten- and 20-year periods.

年长的投资者可能会记起1962年的情形，当时美国国库券收益率还不到4%，其持有者在此后的5年、10年和20年内承受了负的实际回报率。

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To illustrate, assume that a $10 bond is purchased at 102 plus a brokerage fee of $5 and accrued interest of $20.

举例，假设面值为10美元的债券以102%的价格购入，经纪人佣金5美元，应计利息为20美元。

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Even then, a bond of 20% of the value of goods must be put up, as insurance against wrongful and malicious impoundment.

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When they insure a bond for 20 years, they receive the entire 20 years of premiums in advance and then report the yearly income pro rata.

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The allocation to bonds and bond funds was 20.3%.

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