Student: The big pi, the price of the those pis.

π的和所有这些的总和
Those pis or something slightly different from those pis?

这些π还是其他一些不同的
It's going to be a year later, remember.

记住这是一年后的值
Student: Oh, by the equivalent of those in year 2.

第二年这些π的等效值
How would you get that? Yeah?

你要怎么得到它呢请讲
Student: Discount by forward rates, so it's like 4 and 5, forward rate

用远期利率折现像第四五年的
in 3,4, year forward, add a discount each would have one less forward in it.

在第三四年的利率上加一个较小的折现率
Okay, so what you both said is absolutely correct.

你说的完全正确
Unfortunately, we're 2 minutes--we're ending now.

不过我们没时间了现在差不多结束了
So let me just end by saying, in the problem set, that's exactly the question.

最后我想说一下那个问题集
What is the 5-year coupon going to be priced next year?

五年期债券明年如何定价
If there's a world of certainty,

这是个确定的世界