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Specify what is being valued
A fictional schedule pays 5 at year two and 105 at year three, with no payment at year one. Compute its curve-implied value at year one, then convert that value back to today. This is a stated future settlement-value calculation, not an observed future market price.
Use factors relative to the valuation date
With today’s factors from 4%, 5%, 6% annual zeros, the year-one value is 5D2/D1 + 105D3/D1 = 96.402979. These ratios discount from the payment dates to year one under the implied curve.
The schedule contains only the year-two and year-three payments.
Return to today
Multiplying V1 by D1 gives 92.695172, equal to pricing the two payments directly today. The year-one date is a valuation date, not an extra 5 coupon. Adding a payment there would change the contract.
Label the forward-implied value
Future realized valuation will depend on information and the curve then prevailing. The present curve fixes this conditional forward calculation; it does not establish what a buyer will quote at year one. Keep contractual settlement terms separate from a price forecast.