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sarasara · 2020年03月21日

问一道题：NO.PZ2017102901000068 [ CFA I ]

  1. CFA I
  2. FRA

问题如下：

A company issues $30,000,000 face value of five-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 4% interest annually on 31 December. Based on the effective interest rate method, the carrying amount of the bonds on 31 December 2015 is closest to:

选项：

A.

$28,466,099.

B.

$28,800,000.

C.

$28,936,215.

解释：

C is correct.

N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00

The following table illustrates interest expense, premium amortization, and carrying amount (amortized cost) for 2015.

Alternatively, the following illustrates the keystrokes for many financial calculators to calculate the carrying value at the end of first year of $28,936, 215:

N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215

1. 为什么表格中要把amortization of discount 单独算出来？BASE 法则不是有beginning carry value + interest should pay - carry value of coupon payment = ending carrying value 嘛。 这里提到的amortization of discount 有没有实际意义呢。 2. 第二种方法没理解，为啥用计算器，把year 改成4就可以知道year end value呢。这个会和年金起初期末付款有关系吗。

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纠纠_品职答疑助手 · 2020年03月21日

嗨，从没放弃的小努力你好：


（1）同学对BASE法则的理解是对的

这里提到的amortization of discount就是应付利息-实付利息的差额= Interest Expense - Payment。这个值代表债权金额今年的变动，摊销了折价部分。

（2）第二种方法就是我们如果市场利率不变，那债券账面上的价格就应该等于我市场上卖出去的价格，这样才是合理的。

那么此时的这张债权的价值，因为5年已经过了一年了，就是相当于还有四年到期，coupon 为1.2m, face value 为30m的债券是等价的，所以用这些现金流产生的现值去计算就应该是年底的债券账面价值。


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NO.PZ2017102901000068问题如下A company issues $30,000,000 favalue of five-yebon te1 January 2015 when the market interest rate on bon of comparable risk anterms is 5%. The bon p4% interest annually on 31 cember. Baseon the effective interest rate metho the carrying amount of the bon on 31 cember 2015 is closest to:A.$28,466,099.B.$28,800,000.C.$28,936,215.C is correct.N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00The following table illustrates interest expense, premium amortization, ancarrying amount (amortizecost) for 2015.Alternatively, the following illustrates the keystrokes for many financicalculators to calculate the carrying value the enof first yeof $28,936, 215:N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215如上，麻烦老师帮忙一下

2023-04-27 21:47 1 · 回答

NO.PZ2017102901000068 问题如下 A company issues $30,000,000 favalue of five-yebon te1 January 2015 when the market interest rate on bon of comparable risk anterms is 5%. The bon p4% interest annually on 31 cember. Baseon the effective interest rate metho the carrying amount of the bon on 31 cember 2015 is closest to: A.$28,466,099. B.$28,800,000. C.$28,936,215. C is correct.N=5，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= $28,701,157.00The following table illustrates interest expense, premium amortization, ancarrying amount (amortizecost) for 2015.Alternatively, the following illustrates the keystrokes for many financicalculators to calculate the carrying value the enof first yeof $28,936, 215:N=4，I/Y=5，FV =$30,000,000.00，PMT= $1,200,000.00，→PV= 28,936, 215 所以我算半天，结果只需要把n往后折一年用4就可以了？

2023-02-14 07:42 1 · 回答

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2022-08-04 09:01 1 · 回答

NO.PZ2017102901000068 感觉答案的里分摊成本根本用不上啊，用BASE法则计算就可以了

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NO.PZ2017102901000068 如题。。。。。。。。。。。。。。。。

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