NO.PZ2016091001000007
问题如下：
An analyst is evaluate the coupon bond of CC Inc. It's a 10-year, option-free, annual coupon bond with a 4% coupon rate. The bond is expected sell at 90%. The after-tax cost of debt is most likely(assume that CC Inc.'s marginal tax rate is 40%):
选项：
A.
5.31%.
B.
3.19%.
C.
2.40%.
解释：
B is correct.
Using a financial calculator: N=10, PMT=40, PV=-900, FV=1000, solve for I/Y=5.31%.
The after-tax cost of debt=yield(1-t)=5.31%(1-40%)=3.19%
公司发债融资，融到钱流入公司应该是个正现金流吧，那按计算器为啥是负900。同理到期还债应该是负现金流，按计算器为什么是正par
