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爱润 · 2024年01月17日

为什么不用10.7%/2=5.73%在计算器里输入PMT的值，而直接用10.7/2=5.35输入PMT的值？

  1. CFA I
  2. Quantitative

NO.PZ2023052407000006

问题如下：

Grupo Ignacia issued 10-year corporate bonds four years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current price of the bonds is MXN97.50 per MXN100 of par value. The YTM of the bonds is closest to:

选项：

A.

11.28 percent.

B.

11.50 percent.

C.

11.71 percent

解释：

A is correct. The YTM is calculated by solving for the RATE spreadsheet function with the following inputs: number of periods of 12 (=6 × 2), coupon payments of 5.35 (=10.7/2), PV of −97.50, and FV of 100. The resulting solution for RATE of 5.64 percent is in semiannual terms, so multiply by 2 to calculate annualized YTM of 11.28 percent.

B is incorrect, as 11.50 percent is the result if number of periods used is eight, instead of 12. C is incorrect, as 11.71 percent is the result if the number of periods used is 6, instead of 12.

为什么不用10.7%/2=5.73%在计算器里输入PMT的值，而直接用10.7/2=5.35输入PMT的值？

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品职助教_七七 · 2024年01月18日

嗨，努力学习的PZer你好：


1）“10.7%/2=5.73%”计算错误，结果应为5.35%

2）在计算器I/Y的输入逻辑中，百分号被认为成了一个单位，就和“年”、“月”、“元”等一样。所以只输入百分号前面的数字，不需要转化为小数。

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