问一道题：NO.PZ2016012102000152 [ CFA I ]

NO.PZ2016012102000152 问题如下 When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost. A.The book value of the bon the beginning of the Seconyewill $990,566.04 B.The book value of the bon the beginning of the Seconyewill $973,269.88 C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 1）为什么摊余成本就不收到市场利率变化的影响呢？2）为什么enof book value 需要加上interest expnce， 这个interest expense 是支付给谁的呢？

NO.PZ2016012102000152 问题如下 When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost. A.The book value of the bon the beginning of the Seconyewill $990,566.04 B.The book value of the bon the beginning of the Seconyewill $973,269.88 C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 您好，我看课件里讲的时候，何老师是直接用计算公式算出来的PV，可是我算的PV和用计算器算的不一样，可以列一下计算公式吗，谢谢！

NO.PZ2016012102000152问题如下When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost.A.The book value of the bon the beginning of the Seconyewill $990,566.04B.The book value of the bon the beginning of the Seconyewill $973,269.88C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 所以这道题的7%是干扰项吗？因为没有让计算fair value，是这个意思吗

NO.PZ2016012102000152 问题如下 When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost. A.The book value of the bon the beginning of the Seconyewill $990,566.04 B.The book value of the bon the beginning of the Seconyewill $973,269.88 C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 市场利率上升到7%，票面价值不是下降了吗？

NO.PZ2016012102000152 问题如下 When market interest rate is 6%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments.Whiof the following statements is the most correwhen the market rate changes to 7% anthe carrying value of the bonbase on amortizecost. A.The book value of the bon the beginning of the Seconyewill $990,566.04 B.The book value of the bon the beginning of the Seconyewill $973,269.88 C.The book value of the bon the beginning of the Seconyewill $981,666.07 C is correct.Sinthe amortizecosts will not affectethe change in market rates, we use 6% to calculate the beginning book value of the bon=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000 then CPT PV=973,269.88The new book value= Beginning book value + interest expense -coupon rate=973,269.88+973,269.88×6%-50,000=981,666.07The enng book value of First Year= the beginning book value of SeconYear考点债券利息费用的计算 由于摊余成本(amortizecosts ), 用的是发行时的市场利率(market interest rate )，不受后续市场利率变化的影响 ,所以我们采用6%计算该债券的期初账面价值. N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88第一年债券的现值，使用计算器计算得出973,269.88后续每年的账面价值 = 初始债券账面价值 + 利息费用 - 支付的债券票面利息利息费用 = 初始账面价值 * 债券发行时的市场利息率(market interest rate )第二年债券账面价值 = 973,269.88 + 973,269.88×6% - 50,000 = 981,666.07 N=3 I/Y=6 PMT=1,000,000×5%=50,000 FV=1,000,000CPT PV = 973,269.88AMORT, P1=2, P2=2, BAL=-990566