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blade8932 · 2022年12月13日

这道题的难点其实就是搞清楚PV和FV究竟分别是哪个，老师能否总结下，这类题目一般怎么根据题干区别，谢谢

  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%

RT

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1 个答案

王琛_品职助教 · 2022年12月15日

嗨，努力学习的PZer你好：


1

理解的关键在于现金流发生的时间

PV 是「现」值，FV 是「终」值

PV 是投资者「现在」购买债券所支付的价格 900，对应现金流出

FV 是投资者「未来」 (债券到期时) 收到的债券本金 1000，对应现金流入

2

这道题同学之前其实也问过哈，请参考：https://class.pzacademy.com/qa/104834

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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！

blade8932 · 2022年12月15日

对哦，之前我是问过的。谢谢老师。

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