-but you would get half of that

而在债券到期前
every six months until maturity.

每半年你能得到4.375%一半的券息
We have to ask then, how do we get the price and the yield from this?

怎样确定这种债券的价格和收益呢
What we do is we take the interest rate, which I'll call r,

我们只需将利率r
and plug it into a formula,

代入等式中
which I didn't actually do the arithmetic to their number.

虽然我没有代入数字验证过...
The price is just the present value of the coupons

债券的价格等于当利率为r时
at the interest rate r,

所有票息的现值
so the price of a bond is the present discounted value of

所以债券的价格等于所有票息和本金
coupons and principal, at rate r.

以利率r计算后的贴现值
Now, you have to understand that

你们需要了解
when you buy a bond, if you buy it at issue,

如果在发行时就购入债券