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QE_erica · 2022年08月07日

为什么pmt=40

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905% rd(1 − t) = 10.62985%(1 − 0.38) = 6.5905%

an 8 percent coupon paid semi-annually

为什么就知道这个8%就是一点的呢，要除以2，后面都说了semi啊！

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2 个答案

王琛_品职助教 · 2022年08月09日

嗨，爱思考的PZer你好：


所以是有规定，coupon就是一年的是吧！？

是的

coupon rate 的定义本身包含的就是年化的利率哈

The coupon rate or nominal rate of a bond is the interest rate that the issuer agrees to pay each year until the maturity date

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努力的时光都是限量版，加油！

王琛_品职助教 · 2022年08月08日

嗨，爱思考的PZer你好：


正如同学所说，题干明确了是「半年」付息一次 "coupon paid semi-annually"

而 Coupon 是年化的，所以一年当中，付息两次，一共是 1000 * 8% = 80，所以每次付息是 40

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加油吧，让我们一起遇见更好的自己！

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