问题如下图:
选项:
A.
B.
C.
解释:
老师、请问这一题为什么不是用7%作为market interest呢?以parvalue购买的bond的interest不应该等于coupon rate吗?然后固定利率应该不会受到外部利率变动的影响,这样算出来是B答案呢?
NO.PZ2016031001000110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 Per 100 of pvalue, the future value of the reinvestecoupon payments the enof the holng periois closest to:A.35.00.B.40.26.C.41.07. C is correct.The future value of reinvestecash flows 8% after five years is closest to 41.07per 100 of pvalue. [(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7{\lbrack{(7\times{(1.08)})}^4\rbrack}+{\lbrack7\times{(1.08)}^3\rbrack}+{\lbrack7\times{(1.08)}^2\rbrack}+{\lbrack7\times{(1.08)}^1\rbrack}+7[(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7= 41.0662The 6.07 fferenbetween the sum of the coupon payments over the five-yeholng perio(35) anthe future value of the reinvestecoupons (41.07) represents the \"interest-on interest\" gain from compounng.考点Sourof return解析 题目让我们求的是持有到最后的FV。投资者在第五年末将债券卖了出去,对于他来说the enof the holng perio是第五年年末。所以我们这里算的是持有期(5年)中的coupon再投资收入,用到的不是剩余的年限。利用计算器求,那么相当于是求一个第五年年末的FV。N=5,PMT=7,I/Y=8,PV=0,求得FV=41.07,故C正确。 为什么pv=0 而不是100
NO.PZ2016031001000110 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 Per 100 of pvalue, the future value of the reinvestecoupon payments the enof the holng periois closest to: A.35.00. B.40.26. C.41.07. C is correct.The future value of reinvestecash flows 8% after five years is closest to 41.07per 100 of pvalue. [(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7{\lbrack{(7\times{(1.08)})}^4\rbrack}+{\lbrack7\times{(1.08)}^3\rbrack}+{\lbrack7\times{(1.08)}^2\rbrack}+{\lbrack7\times{(1.08)}^1\rbrack}+7[(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7= 41.0662The 6.07 fferenbetween the sum of the coupon payments over the five-yeholng perio(35) anthe future value of the reinvestecoupons (41.07) represents the \"interest-on interest\" gain from compounng.考点Sourof return解析 题目让我们求的是持有到最后的FV。投资者在第五年末将债券卖了出去,对于他来说the enof the holng perio是第五年年末。所以我们这里算的是持有期(5年)中的coupon再投资收入,用到的不是剩余的年限。利用计算器求,那么相当于是求一个第五年年末的FV。N=5,PMT=7,I/Y=8,PV=0,求得FV=41.07,故C正确。 请再详细点分解开步骤的含义,谢谢
题目让求的是reinvest的FV,所以为什么不减掉5个coupon的价格,却直接用的是coupon和reinvest的FV总和呢
40.26. 41.07. C is correct. The future value of reinvestecash flows 8% after five years is closest to 41.07per 100 of pvalue. [(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7{\lbrack{(7\times{(1.08)})}^4\rbrack}+{\lbrack7\times{(1.08)}^3\rbrack}+{\lbrack7\times{(1.08)}^2\rbrack}+{\lbrack7\times{(1.08)}^1\rbrack}+7[(7×(1.08))4]+[7×(1.08)3]+[7×(1.08)2]+[7×(1.08)1]+7 = 41.0662 The 6.07 fferenbetween the sum of the coupon payments over the five-yeholng perio(35) anthe future value of the reinvestecoupons (41.07) represents the \"interest-on interest\" gain from compounng. 老师,所以这道题问的其实就是第五年的账面价值………可是我理解的意思是第五年再买入这个债券,持有到第九年,FV是多少。然后我理解的是pv是第五年的卖出价,然后n=4 ,pmt7,iy 8 计算FV
老师,这题如果用计算器,为什么N=5呢,第一年末才收到第一次coupon,第五年就卖掉了,只有4个期间。麻烦老师解答一下,谢谢!