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275730944 · 2023年07月14日

5.64是怎么的来的呢

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

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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