问题如下图：
选项：
A. 
B. 
C. 
解释：
企鹅_品职助教 · 2019年11月12日
嗨，爱思考的PZer你好
如果债券是以par value发行，也就是债券的PV和FV都是1000， 那么像你说的这样直接用8%作为债券成本是可以的。但是当债券折价或溢价发行时，债券成本不止表现在coupon, 还要考虑到PV和FV的差额。同样面值1000的债券，以800发行和以1200发行，对于债券发行人来说肯定不同，这部分也要考虑在发债的成本里。coupon rate 只体现了coupon的成本，YTM把两者都考虑到了。
YTM指的是以期初价格购买债券，并且此后收到债券所有的现金流核算出来的折现率。
因此，当我们说cost of debt时，指的是YTM。当债券以par value发行时， coupon rate=YTM, 所以可以直接用coupon rate, 这是一种特殊的例子。
虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ2016021705000022 问题如下 t.Com hterminethit coulissue $1,000 favalue bon with 8 percent coupon paisemi-annually ana five-yematurity $900 per bon If t.Com’s margintrate is 38 percent, its after-tcost of is closest to: A.6.2 percent. B.6.4 percent. C.6.6 percent. is correct.FV = $1,000; PMT = $40; N = 10; PV = -$900Solve for i. The six-month yiel i, is 5.3149%YTM = 5.3149% × 2 = 10.62985% r (1−t) = 10.62985%(1−0.38) = 6.5905% r1 − t) = 10.62985%(1 − 0.38) = 6.5905% 为啥PV=900而不是1000
NO.PZ2016021705000022问题如下t.Com hterminethit coulissue $1,000 favalue bon with 8 percent coupon paisemi-annually ana five-yematurity $900 per bon If t.Com’s margintrate is 38 percent, its after-tcost of is closest to: A.6.2 percent.B.6.4 percent.C.6.6 percent. is correct.FV = $1,000; PMT = $40; N = 10; PV = -$900Solve for i. The six-month yiel i, is 5.3149%YTM = 5.3149% × 2 = 10.62985% r (1−t) = 10.62985%(1−0.38) = 6.5905% r1 − t) = 10.62985%(1 − 0.38) = 6.5905% 给出的coupon rate都是年化的吗
NO.PZ2016021705000022问题如下t.Com hterminethit coulissue $1,000 favalue bon with 8 percent coupon paisemi-annually ana five-yematurity $900 per bon If t.Com’s margintrate is 38 percent, its after-tcost of is closest to: A.6.2 percent.B.6.4 percent.C.6.6 percent. is correct.FV = $1,000; PMT = $40; N = 10; PV = -$900Solve for i. The six-month yiel i, is 5.3149%YTM = 5.3149% × 2 = 10.62985% r (1−t) = 10.62985%(1−0.38) = 6.5905% r1 − t) = 10.62985%(1 − 0.38) = 6.5905% 为啥pv是900，老师，我感觉我前面没有学好，能详细解答吗。感谢
NO.PZ2016021705000022 问题如下 t.Com hterminethit coulissue $1,000 favalue bon with 8 percent coupon paisemi-annually ana five-yematurity $900 per bon If t.Com’s margintrate is 38 percent, its after-tcost of is closest to: A.6.2 percent. B.6.4 percent. C.6.6 percent. is correct.FV = $1,000; PMT = $40; N = 10; PV = -$900Solve for i. The six-month yiel i, is 5.3149%YTM = 5.3149% × 2 = 10.62985% r (1−t) = 10.62985%(1−0.38) = 6.5905% r1 − t) = 10.62985%(1 − 0.38) = 6.5905% 这个是C以900元的价格发行到期日为1000的债券不是，所以当期获得900的现金流入，到期付出1000.
NO.PZ2016021705000022 问题如下 t.Com hterminethit coulissue $1,000 favalue bon with 8 percent coupon paisemi-annually ana five-yematurity $900 per bon If t.Com’s margintrate is 38 percent, its after-tcost of is closest to: A.6.2 percent. B.6.4 percent. C.6.6 percent. is correct.FV = $1,000; PMT = $40; N = 10; PV = -$900Solve for i. The six-month yiel i, is 5.3149%YTM = 5.3149% × 2 = 10.62985% r (1−t) = 10.62985%(1−0.38) = 6.5905% r1 − t) = 10.62985%(1 − 0.38) = 6.5905% RT