这个题计算器第三行也可以按出来吧
问题如下图:
选项:
A.
B.
C.
解释:
NO.PZ2018062006000112 问题如下 A client purchases a 6-yebon109.83, anthe coupon rate is 8%. The interest is paiannually. Assume the market rate is 6%, whiis constant ring the whole perio If the client wants to sell the bonthe enof the 5th year. What`s the horizon yiel A.8%. B.6%. C.7%. B is correct.The sell priof the bonthe enof the 5th year:N=1,I/Y=6,FV=100,PMT=8 → PV = -101.89The reinvestecoupon payment the enof the 5th year:8×1.064+8×1.063+8×1.062+8×1.061+8=45.1totcash flow the enof the 5th ye=45.1+101.89=146.99146.99/(1+r)5=109.83r=0.06考点Horizon Yiel析第五年末的总现金流包含两个部分,第一个部分是6年债券在第五年末售出的sell price(101.89),第二个部分是前五期coupon的再投资收入(45.1)。可利用计算器1、sell priceN=1,I/Y=6,FV=100,PMT=8 → PV = -101.892、再投资收入N=5,I/Y=6,PV=0,PMT=8 → FV = 45.1两个部分加总起来是146.99。再对比一开始的初始投资109.83,得到 r=0.06,故B正确。 老师好,请问最后一步146.99/(1+r)5=109.83 为什么不能用计算器算?
NO.PZ2018062006000112 问题如下 A client purchases a 6-yebon109.83, anthe coupon rate is 8%. The interest is paiannually. Assume the market rate is 6%, whiis constant ring the whole perio If the client wants to sell the bonthe enof the 5th year. What`s the horizon yiel A.8%. B.6%. C.7%. B is correct.The sell priof the bonthe enof the 5th year:N=1,I/Y=6,FV=100,PMT=8 → PV = -101.89The reinvestecoupon payment the enof the 5th year:8×1.064+8×1.063+8×1.062+8×1.061+8=45.1totcash flow the enof the 5th ye=45.1+101.89=146.99146.99/(1+r)5=109.83r=0.06考点Horizon Yiel析第五年末的总现金流包含两个部分,第一个部分是6年债券在第五年末售出的sell price(101.89),第二个部分是前五期coupon的再投资收入(45.1)。可利用计算器1、sell priceN=1,I/Y=6,FV=100,PMT=8 → PV = -101.892、再投资收入N=5,I/Y=6,PV=0,PMT=8 → FV = 45.1两个部分加总起来是146.99。再对比一开始的初始投资109.83,得到 r=0.06,故B正确。 。
NO.PZ2018062006000112 能完全按照按计算器的方式解一遍吗
PV=100是怎么算出来的?是已知条件?
The sell price of the bonthe enof the 5th year: N=6-5=1,I/Y=6,FV=100,PMT=8 → PV = -101.89 红色部分需要 capitloss=101.89-109.83=-7.94 这个对否?不需要加上coupon吗?