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a1132766866 · 2023年10月20日

计算过程

NO.PZ2022061303000035

问题如下:

Stellar Corp. recently issued $100 par value deferred coupon bonds, which will make no coupon payments in the next four years. Regular annual coupon payments at a rate of 8% will then be made until the bonds mature at the end of 10 years. If the bonds are currently priced at $87.00, their yield to maturity is closest to:

选项:

A.6.0%.

B.8.0%.

C.10.1%.

解释:

A is correct. The yield to maturity (r) is computed by solving for r in the following equation:

87.00 = 8/(1 + r)5 + 8/(1 + r)6 + 8/(1 + r)7 + 8/(1 + r)8 + 8/(1 + r)9 + 108/(1 + r)10which gives a yield to maturity of 6.0%.

考点:YTM

解析:可以利用计算器:CF0= -87,C01=0,F01=4,C02=8,F02=5,C03=108,F03=1,CPT→IRR=6%

老师,请问为什么我按照答案输入,得出来11.0258%?

1 个答案

吴昊_品职助教 · 2023年10月20日

嗨,从没放弃的小努力你好:


我按了一下计算器,IRR=6%的.

注意:第一期现金流为负,C01=0,F01=4,1到4期现金流虽然为零,但也是要输入的。接下来有5期的现金流(8)和最后一期现金流(108).

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