张嫱zhangqiang · 2018年10月16日
问题如下图：
选项：
A. 
B. 
C. 
解释：
老师 是不是用公式capital gain or loss=sell price-carrying value? 其中我记得老师讲carrying value=purchase price+ the amortized amount of the discount or premium 我可以计算出sell price =96.69 同时知道purchase price=100=par 但是不知道 the amortized amount of the discount or premium具体是什么？
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？
