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Katherine · 2024年07月22日

这题

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.

这题我按计算器N =12,i/y=5.35,pv=-97.5,fv=100,然后cpt→pmt算出来的是5.06,很奇怪,×2之后是10.12结果不对哎,这是哪里出问题了吗

1 个答案

品职助教_七七 · 2024年07月23日

嗨,努力学习的PZer你好:


本题要计算是YTM,这是I/Y的概念,不是PMT。

列式中的5.35也不是I/Y,而应是PMT。

正确列式为:N=12,PMT=5.35,PV = −97.50, FV = 100,从而CPT I/Y =5.6424。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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