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275730944 · 2023年07月14日

5.64是怎么的来的呢

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NO.PZ2023052407000006

问题如下：

Grupo Ignacia issued 10-year corporate bonds four years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current price of the bonds is MXN97.50 per MXN100 of par value. The YTM of the bonds is closest to:

选项：

A.

11.28 percent.

B.

11.50 percent.

C.

11.71 percent

解释：

A is correct. The YTM is calculated by solving for the RATE spreadsheet function with the following inputs: number of periods of 12 (=6 × 2), coupon payments of 5.35 (=10.7/2), PV of −97.50, and FV of 100. The resulting solution for RATE of 5.64 percent is in semiannual terms, so multiply by 2 to calculate annualized YTM of 11.28 percent.

B is incorrect, as 11.50 percent is the result if number of periods used is eight, instead of 12. C is incorrect, as 11.71 percent is the result if the number of periods used is 6, instead of 12.

5.64怎么的来的呢

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2 个答案

品职助教_七七 · 2023年11月28日

嗨，努力学习的PZer你好：


@istaooo

公式为：

97.50=5.35/（1+YTM）+5.35/（1+YTM）^2+5.35/（1+YTM）^3+...+5.35/（1+YTM）^12+100/（1+YTM）^12

但这种题目不需要写公式，即使写了也无法通过公式来求出YTM。

考试的时候建议直接用计算器按N=12，PMT=5.35，PV = −97.50, FV = 100，从而CPT I/Y =5.6424。


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星星_品职助教 · 2023年07月17日

同学你好，

答案解析中给出了参数的描述：“number of periods of 12 (=6 × 2), coupon payments of 5.35 (=10.7/2), PV of −97.50, and FV of 100. ”，根据此描述可,输入计算器：

N=12，PMT=5.35，PV = −97.50, FV = 100，

从而CPT I/Y =5.6424


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提问时请正确选择级别和科目，如CFA I，Quantitative。否则题目是无法分配给对应的助教的。

istaooo · 2023年11月27日

如果要写公式用什么公式呀

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