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洪铭泉 · 2024年05月14日

PMT不是百分之4吗，为什么答案PMT=4000

  1. CFA I
  2. Fixed Income

NO.PZ2023090201000033

问题如下：

An analyst gathers the following information about a bond that pays interest annually:

If the market discount rate is 5%, the market value of this bond is closest to:

选项：

A.$89,839.00 B.$97,277.00 C.$102,775.00

解释：

B is correct.

The price of the bond is the present value of the promised cash flows and is calculated as follows:

Price of bond = 4,000/(1 +5%)1 + 4,000/(1+5%)2 + 104,000/(1+5%)3 = 3,809.5238 + 3,628.1179 + 89,839.1102 = 97,276.7520 ≈ 97,277.

考点：YTM

解析：FV = 100,000, I/Y = 0.05, N = 3, PMT = 4,000, PV = 97,276.75 ≈ 97277

An analyst gathers the following information about a bond that pays interest annually:

If the market discount rate is 5%, the market value of this bond is closest to:

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1 个答案

吴昊_品职助教 · 2024年05月15日

嗨，努力学习的PZer你好：


现在表格中显示，par value为100,000，再加上债券一年付息一次，所以每一期的PMT = 面值×coupon rate = 100,000×4% = 4000

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2023090201000033 问题如下 analyst gathers the following information about a bonthpays interest annually: If the market scount rate is 5%, the market value of this bonis closest to: A.$89,839.00 B.$97,277.00 C.$102,775.00 B is correct.The priof the bonis the present value of the promisecash flows anis calculatefollows: Priof bon= 4,000/(1 +5%)1 + 4,000/(1+5%)2 + 104,000/(1+5%)3 = 3,809.5238 + 3,628.1179 + 89,839.1102 = 97,276.7520 ≈ 97,277. 考点YTM解析FV = 100,000, I/Y = 0.05, N = 3, PMT = 4,000, PV = 97,276.75 ≈ 97277 B is correct.The priof the bonis the present value of the promisecash flows anis calculatefollows:Priof bon= 4,000/(1 +5%)1 + 4,000/(1+5%)2 + 104,000/(1+5%)3 = 3,809.5238 + 3,628.1179 + 89,839.1102 = 97,276.7520 ≈ 97,277.考点YTM解析FV = 100,000, I/Y = 0.05, N = 3, PMT = 4,000, PV = 97,276.75 ≈ 97277

2024-08-07 10:41 1 · 回答