At the EOC Question 2 for Fixed Income - Chapter 3 - Interest Rate Tress and Artbitrage free valuation - Exhibit 2 there are three years annual pay option free bonds for Yield to Maturity Par Rate. Is Yield to Maturity Par Rate the Par Rate and the “YTM is just a distractor?” if it is YTM then I can use only the three-year and use it as I/Y with known PMT, FV and N I Can get the PV. However, if it is PAR? then I need to figure out the spot rate of each year and discount each CF per its interest. I did not see in the curriculum anywhere else referenced as “Yield to Maturity Par Rate”
