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blade8932 · 2022年07月26日

老师，请问这道题后面的PER BOND 900，怎么理解为PV？

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905% rd(1 − t) = 10.62985%(1 − 0.38) = 6.5905%

RT

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1 个答案

王琛_品职助教 · 2022年07月27日

嗨，爱思考的PZer你好：


PV 的全称是 present value 现值

站在零时刻，将债券的所有未来现金流，折现到零时刻并求和，得到的值是当前的债券价值

也就是本题的 900，即债券的价格，表示期初花 900 买入债券获得未来的所有现金流

900 是期初现金流流出，所以是 PV 哈

更详细的现金流分析，也请参考：https://class.pzacademy.com/qa/18662

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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