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77 · 2021年04月08日

哎。。。

  1. CFA I
  2. FRA

NO.PZ2018062004000194

问题如下：

A three-years bond face valued is $1000 with 7% coupon rate annual payment, and the current market interest rate is 5%, which of the following statement is most likely correct (assume under IFRS):

选项：

A.

the amortization cost at year one is 950.

B.

the interest expense at year one is $52.72.

C.

$52.72 is reported as CFO or CFF

解释：

Answer is B, the bond price=70/1.05+70/(1.05)2+1070/(1.05)3=1054, so first year interest expense=1054*5%=52.72, and amortization cost=1054-(70-52.72)=1036.72. The coupon ($70) is reported as CFO or CFF outflow under IFRS

the bond price=70/1.05+70/(1.05)2+1070/(1.05)3=1054, 第一步是怎么想到要先求这个公式的？amortization cost=1054-(70-52.72)=1036.72. 这个式子又是怎么来的。。。/(ㄒoㄒ)/~~

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纠纠_品职答疑助手 · 2021年04月09日

嗨，从没放弃的小努力你好：


（1）

我们所有债券的摊余成本和利息都是从最开始的Bond price 得来的。

所以第一步我们要先算Bond price，也就是折现模型去计算。

（2）第n年年末的amortization cost = 第n年初的amortization cost + 第n期的利息 - 第n期支付的coupon

到这里 就是第一年年末的amortization cost = 期初的bond price + 第一年利息 - coupon 70


同学如果实在觉得这道题目很蒙可以去参考下讲义362页上的题目哦


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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

纠纠_品职答疑助手 · 2021年04月11日

嗨，从没放弃的小努力你好：


可以用计算器的，1000是FV

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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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