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🌊Yuri🌊 · 2023年02月14日

提问

  1. CFA I
  2. FRA

NO.PZ2017102901000068

问题如下：

A company issues $30,000,000 face value of five-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 4% interest annually on 31 December. Based on the effective interest rate method, the carrying amount of the bonds on 31 December 2015 is closest to:

选项：

A.

$28,466,099.

B.

$28,800,000.

C.

$28,936,215.

解释：

C is correct.

N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00

The following table illustrates interest expense, premium amortization, and carrying amount (amortized cost) for 2015.

Alternatively, the following illustrates the keystrokes for many financial calculators to calculate the carrying value at the end of first year of $28,936, 215:

N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215

所以我算半天，结果只需要把n往后折一年用4就可以了？

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1 个答案

王园圆_品职助教 · 2023年02月14日

嗨，爱思考的PZer你好：


同学你好，是的，这个题目是有两种计算方法的。

建议同学这个部分可以和债券这门课放在一起汇更好理解

在利率始终使用历史利率的前提下，要计算某一年末的债券的carrying value，也可以用未来剩余的现金流折现到当年的方式进行计算——这其实是债券这门课的思路

当然主流的通过先计算发行价，然后加上当年的amortization of discount（或减去当年的amortization of premium）最后得到年末的carrying value也可以，并且这也是FSA这门课里主要介绍的方法

同学可以看使用方便自行选择哦

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NO.PZ2017102901000068问题如下A company issues $30,000,000 favalue of five-yebon te1 January 2015 when the market interest rate on bon of comparable risk anterms is 5%. The bon p4% interest annually on 31 cember. Baseon the effective interest rate metho the carrying amount of the bon on 31 cember 2015 is closest to:A.$28,466,099.B.$28,800,000.C.$28,936,215.C is correct.N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00The following table illustrates interest expense, premium amortization, ancarrying amount (amortizecost) for 2015.Alternatively, the following illustrates the keystrokes for many financicalculators to calculate the carrying value the enof first yeof $28,936, 215:N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215如上，麻烦老师帮忙一下

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