求问,这题 为什么用后四年的去折现算?而且利率也没说8%?
pv=100 用期初复利到 fv 5 等于105.866 怎么就不对了?
问题如下图:
选项:
A.
B.
C.
解释:
NO.PZ2016031001000111 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio The capitgain/loss per 100 of pvalue resulting from the sale of the bonthe enof the five-yeholng periois closest to A.loss of 8.45. B.loss of 3.31. C.gain of 2.75. B is correct.The capitloss is closest to 3.31 per 100 of pvalue. After five years, the bonhfour years remaining until maturity anthe sale priof the bonis 96.69, calculateas:7(1.08)1+7(1.08)2+7(1.08)3+107(1.08)4=96.69\frac7{{(1.08)}^1}+\frac7{{(1.08)}^2}+\frac7{{(1.08)}^3}+\frac{107}{{(1.08)}^4}=96.69(1.08)17+(1.08)27+(1.08)37+(1.08)4107=96.69The investor purchasethe bona priequto pvalue (100). Because the bonwpurchasea priequto its pvalue, the carrying value is pvalue. Therefore, the investor experiencea capitloss of 96.69 - 100 = -3.31.考点capitgain(loss)解析一开始是以面值100购入债券,当收到第一笔coupon前,利率上涨至8%,五年后投资者又将债券卖出。现在题目要我们求的是capitgain(loss)。capitgain(loss)衡量的是债券售价和carrying value之间的差距,这道题的carrying value就是100,那我们只要算出selling price,两项相减即可。利用计算器计算债券售价N=4,PMT=7,I/Y=8,FV=100,求得PV= -96.69。求得的96.69是债券第五年卖出的sale prcie,债券在第五年能卖多少钱,取决于未来现金流折到第五年共有多少。故capitloss = 96.69-100 = -3.31,故B正确。 请问如果题目问题去掉capit单纯问gain/loss 是不是要考虑持有期获得的利息进来呢
NO.PZ2016031001000111 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio The capitgain/loss per 100 of pvalue resulting from the sale of the bonthe enof the five-yeholng periois closest to A.loss of 8.45. B.loss of 3.31. C.gain of 2.75. B is correct.The capitloss is closest to 3.31 per 100 of pvalue. After five years, the bonhfour years remaining until maturity anthe sale priof the bonis 96.69, calculateas:7(1.08)1+7(1.08)2+7(1.08)3+107(1.08)4=96.69\frac7{{(1.08)}^1}+\frac7{{(1.08)}^2}+\frac7{{(1.08)}^3}+\frac{107}{{(1.08)}^4}=96.69(1.08)17+(1.08)27+(1.08)37+(1.08)4107=96.69The investor purchasethe bona priequto pvalue (100). Because the bonwpurchasea priequto its pvalue, the carrying value is pvalue. Therefore, the investor experiencea capitloss of 96.69 - 100 = -3.31.考点capitgain(loss)解析一开始是以面值100购入债券,当收到第一笔coupon前,利率上涨至8%,五年后投资者又将债券卖出。现在题目要我们求的是capitgain(loss)。capitgain(loss)衡量的是债券售价和carrying value之间的差距,这道题的carrying value就是100,那我们只要算出selling price,两项相减即可。利用计算器计算债券售价N=4,PMT=7,I/Y=8,FV=100,求得PV= -96.69。求得的96.69是债券第五年卖出的sale prcie,债券在第五年能卖多少钱,取决于未来现金流折到第五年共有多少。故capitloss = 96.69-100 = -3.31,故B正确。 一。 这是一个9年期中间卖掉,第五年的时候为什么是100+7??为社么不能根据9年期的条件求出PV,然后根据PV求出5年后的FV?二。 这类的题目思路是当前的现金流向后复利几期,为什么不能用未来现金流折现的思路呢?如果用折现思路,N=5吧?
NO.PZ2016031001000111 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio The capitgain/loss per 100 of pvalue resulting from the sale of the bonthe enof the five-yeholng periois closest to A.loss of 8.45. B.loss of 3.31. C.gain of 2.75. B is correct.The capitloss is closest to 3.31 per 100 of pvalue. After five years, the bonhfour years remaining until maturity anthe sale priof the bonis 96.69, calculateas:7(1.08)1+7(1.08)2+7(1.08)3+107(1.08)4=96.69\frac7{{(1.08)}^1}+\frac7{{(1.08)}^2}+\frac7{{(1.08)}^3}+\frac{107}{{(1.08)}^4}=96.69(1.08)17+(1.08)27+(1.08)37+(1.08)4107=96.69The investor purchasethe bona priequto pvalue (100). Because the bonwpurchasea priequto its pvalue, the carrying value is pvalue. Therefore, the investor experiencea capitloss of 96.69 - 100 = -3.31.考点capitgain(loss)解析一开始是以面值100购入债券,当收到第一笔coupon前,利率上涨至8%,五年后投资者又将债券卖出。现在题目要我们求的是capitgain(loss)。capitgain(loss)衡量的是债券售价和carrying value之间的差距,这道题的carrying value就是100,那我们只要算出selling price,两项相减即可。利用计算器计算债券售价N=4,PMT=7,I/Y=8,FV=100,求得PV= -96.69。求得的96.69是债券第五年卖出的sale prcie,债券在第五年能卖多少钱,取决于未来现金流折到第五年共有多少。故capitloss = 96.69-100 = -3.31,故B正确。 之前我看老师解答其他同学的问题说了carrying value就是求的PV不是吗?咋现在又在求FV。我都晕了 每次这样的题目PV和FV都分不清楚
NO.PZ2016031001000111 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio The capitgain/loss per 100 of pvalue resulting from the sale of the bonthe enof the five-yeholng periois closest to A.loss of 8.45. B.loss of 3.31. C.gain of 2.75. B is correct.The capitloss is closest to 3.31 per 100 of pvalue. After five years, the bonhfour years remaining until maturity anthe sale priof the bonis 96.69, calculateas:7(1.08)1+7(1.08)2+7(1.08)3+107(1.08)4=96.69\frac7{{(1.08)}^1}+\frac7{{(1.08)}^2}+\frac7{{(1.08)}^3}+\frac{107}{{(1.08)}^4}=96.69(1.08)17+(1.08)27+(1.08)37+(1.08)4107=96.69The investor purchasethe bona priequto pvalue (100). Because the bonwpurchasea priequto its pvalue, the carrying value is pvalue. Therefore, the investor experiencea capitloss of 96.69 - 100 = -3.31.考点capitgain(loss)解析一开始是以面值100购入债券,当收到第一笔coupon前,利率上涨至8%,五年后投资者又将债券卖出。现在题目要我们求的是capitgain(loss)。capitgain(loss)衡量的是债券售价和carrying value之间的差距,这道题的carrying value就是100,那我们只要算出selling price,两项相减即可。利用计算器计算债券售价N=4,PMT=7,I/Y=8,FV=100,求得PV= -96.69。求得的96.69是债券第五年卖出的sale prcie,债券在第五年能卖多少钱,取决于未来现金流折到第五年共有多少。故capitloss = 96.69-100 = -3.31,故B正确。 carring value就是pvalue吗
NO.PZ2016031001000111 问题如下 investor purchases a nine-year, 7% annucoupon payment bona priequto pvalue. After the bonis purchaseanbefore the first coupon is receive interest rates increase to 8%. The investor sells the bonafter five years. Assume thinterest rates remain unchange8% over the five-yeholng perio The capitgain/loss per 100 of pvalue resulting from the sale of the bonthe enof the five-yeholng periois closest to A.loss of 8.45. B.loss of 3.31. C.gain of 2.75. B is correct.The capitloss is closest to 3.31 per 100 of pvalue. After five years, the bonhfour years remaining until maturity anthe sale priof the bonis 96.69, calculateas:7(1.08)1+7(1.08)2+7(1.08)3+107(1.08)4=96.69\frac7{{(1.08)}^1}+\frac7{{(1.08)}^2}+\frac7{{(1.08)}^3}+\frac{107}{{(1.08)}^4}=96.69(1.08)17+(1.08)27+(1.08)37+(1.08)4107=96.69The investor purchasethe bona priequto pvalue (100). Because the bonwpurchasea priequto its pvalue, the carrying value is pvalue. Therefore, the investor experiencea capitloss of 96.69 - 100 = -3.31.考点capitgain(loss)解析一开始是以面值100购入债券,当收到第一笔coupon前,利率上涨至8%,五年后投资者又将债券卖出。现在题目要我们求的是capitgain(loss)。capitgain(loss)衡量的是债券售价和carrying value之间的差距,这道题的carrying value就是100,那我们只要算出selling price,两项相减即可。利用计算器计算债券售价N=4,PMT=7,I/Y=8,FV=100,求得PV= -96.69。求得的96.69是债券第五年卖出的sale prcie,债券在第五年能卖多少钱,取决于未来现金流折到第五年共有多少。故capitloss = 96.69-100 = -3.31,故B正确。 老师,这道题算的是capital/gain loss,是不是和horizon yiel全不一样?CapitGain/Loss = Sell Pri- Carrying Value, 不包括求coupon的future value而Horizon Yiel计算里面,包括了求Bon身的future value,以及coupon payments的future value,也就是reinvestment value?