P refers to the current pricing of bonds. CFt refers to the cash flow in T period. R refers to the rate of return, which is the market interest rate.
Applicable to this question:
(1) p =1000 (1+12% * 5)/(1+12%) 5 = 907.88 yuan. Among them, the first 12% is coupon rate and the second 12% is the market interest rate. The part before the fractional line is the cash flow of one-time repayment of principal and interest, and the cash flow in the fifth year is discounted after the fractional line.
(2) p =1000 * (1+12%) 5/(1+12%) 5 =1000 yuan. Among them, the first 12% is coupon rate and the second 12% is the market interest rate. The part before the divisor is the cash flow of one-time repayment of principal and interest, and after the divisor is the discounted cash flow method in the fifth year.