Sissiwonglx · 2022年05月10日
NO.PZ2016091001000007
问题如下：
An analyst is evaluate the coupon bond of CC Inc. It's a 10-year, option-free, annual coupon bond with a 4% coupon rate. The bond is expected sell at 90%. The after-tax cost of debt is most likely(assume that CC Inc.'s marginal tax rate is 40%):
选项：
A. 5.31%.
B. 3.19%.
C. 2.40%.
解释：
B is correct.
Using a financial calculator: N=10, PMT=40, PV=-900, FV=1000, solve for I/Y=5.31%.
The after-tax cost of debt=yield(1-t)=5.31%(1-40%)=3.19%
题中没有数字，不知道为什么会带入这两个数
王琛_品职助教 · 2022年05月11日
嗨，爱思考的PZer你好：
题目中确实没有明确给出 face value 和 selling price，但是有一句关键词：The bond is expected sell at 90%
所以如果债券面值是 100，相当于价格是 90；如果债券面值是 1000，价格是 900
解析是按照后者计算的，如果你想按照前者计算也可以，但是 PMT 要改成 4
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
QE_erica · 2022年08月07日
就是自己编一个的意思吗？
NO.PZ2016091001000007问题如下analyst is evaluate the coupon bonof InIt's a 10-year, option-free, annucoupon bonwith a 4% coupon rate. The bonis expectesell 90%. The after-tcost of is most likely(assume thInc.'s margintrate is 40%):A.5.31%.B.3.19%.C.2.40%.B is correct.Using a financicalculator: N=10, PMT=40, PV=-900, FV=1000, solve for I/Y=5.31%.The after-tcost of bt=yiel1-t)=5.31%(1-40%)=3.19%公司发债融资，融到钱流入公司应该是个正现金流吧，那按计算器为啥是负900。同理到期还债应该是负现金流，按计算器为什么是正par
NO.PZ2016091001000007 问题如下 analyst is evaluate the coupon bonof InIt's a 10-year, option-free, annucoupon bonwith a 4% coupon rate. The bonis expectesell 90%. The after-tcost of is most likely(assume thInc.'s margintrate is 40%): A.5.31%. B.3.19%. C.2.40%. B is correct.Using a financicalculator: N=10, PMT=40, PV=-900, FV=1000, solve for I/Y=5.31%.The after-tcost of bt=yiel1-t)=5.31%(1-40%)=3.19% 老师，我总是弄混pv fv例如这个题，我理解的PV=-1000 因为是present valueFV=900 因为是future value shoulsell 90%但是看答案是反的。。求老师帮我纠正一下，靠死记硬背还是错的
NO.PZ2016091001000007 问题如下 analyst is evaluate the coupon bonof InIt's a 10-year, option-free, annucoupon bonwith a 4% coupon rate. The bonis expectesell 90%. The after-tcost of is most likely(assume thInc.'s margintrate is 40%): A.5.31%. B.3.19%. C.2.40%. B is correct.Using a financicalculator: N=10, PMT=40, PV=-900, FV=1000, solve for I/Y=5.31%.The after-tcost of bt=yiel1-t)=5.31%(1-40%)=3.19% 这里的coupon rate又是乘以PV到底coupon rate乘以哪个可以算出pmt之前有一道题是coupon rate *fv 我也提问了
NO.PZ2016091001000007 option free是什么意思呢？
