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Sissiwonglx · 2022年08月04日

这道题完全没看懂

  1. CFA I
  2. FRA

NO.PZ2017102901000068

问题如下：

A company issues $30,000,000 face value of five-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 4% interest annually on 31 December. Based on the effective interest rate method, the carrying amount of the bonds on 31 December 2015 is closest to:

选项：

A.

$28,466,099.

B.

$28,800,000.

C.

$28,936,215.

解释：

C is correct.

N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00

The following table illustrates interest expense, premium amortization, and carrying amount (amortized cost) for 2015.

Alternatively, the following illustrates the keystrokes for many financial calculators to calculate the carrying value at the end of first year of $28,936, 215:

N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215

只算出了第一步PV 然后就不会了，这道题考察的是什么知识点啊？

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1 个答案

Kiko_品职助教 · 2022年08月04日

嗨，从没放弃的小努力你好：


考察的是债券价值得计算。这题解析给出了两种方案。

（1）BASE法则

期初价值＋Interest Expense - Payment=期末价值

这里提到的amortization of discount就是应付利息-实付利息的差额= Interest Expense - Payment。这个值代表债权金额今年的变动，摊销了折价部分。

（2）第二种方法就是直接算的t=1时点的PV。

因为5年已经过了一年了，就是相当于还有四年到期，coupon 为1.2m, fv 为30m，只是把N换成4就可以。


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NO.PZ2017102901000068问题如下A company issues $30,000,000 favalue of five-yebon te1 January 2015 when the market interest rate on bon of comparable risk anterms is 5%. The bon p4% interest annually on 31 cember. Baseon the effective interest rate metho the carrying amount of the bon on 31 cember 2015 is closest to:A.$28,466,099.B.$28,800,000.C.$28,936,215.C is correct.N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00The following table illustrates interest expense, premium amortization, ancarrying amount (amortizecost) for 2015.Alternatively, the following illustrates the keystrokes for many financicalculators to calculate the carrying value the enof first yeof $28,936, 215:N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215如上，麻烦老师帮忙一下

2023-04-27 21:47 1 · 回答

NO.PZ2017102901000068 问题如下 A company issues $30,000,000 favalue of five-yebon te1 January 2015 when the market interest rate on bon of comparable risk anterms is 5%. The bon p4% interest annually on 31 cember. Baseon the effective interest rate metho the carrying amount of the bon on 31 cember 2015 is closest to: A.$28,466,099. B.$28,800,000. C.$28,936,215. C is correct.N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00The following table illustrates interest expense, premium amortization, ancarrying amount (amortizecost) for 2015.Alternatively, the following illustrates the keystrokes for many financicalculators to calculate the carrying value the enof first yeof $28,936, 215:N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215 所以我算半天，结果只需要把n往后折一年用4就可以了？

2023-02-14 07:42 1 · 回答

NO.PZ2017102901000068 感觉答案的里分摊成本根本用不上啊，用BASE法则计算就可以了

2021-10-24 16:52 1 · 回答

NO.PZ2017102901000068 如题。。。。。。。。。。。。。。。。

2021-10-06 20:21 1 · 回答