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一颗牙疼 · 2020年11月22日

问一道题：NO.PZ2017102901000068

  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

第二种方法直接用4年计算，第一年年末不是有一个payment120000000，那么后四年的pv折算到第一年末为什么不减去这个payment呢？

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已采纳答案

Olive_品职助教 · 2020年11月23日

“可是我们算得不是那个时点的pv，那个时点那个钱也是出去的呀 ”

我们就是算的t=1时点的PV哦。

题目问的 carrying amount of the bonds on 31 December 2015。也就是按照effective interest rate5%。算出来的t=1时刻债券的价值。

方法1是先算t=0时刻的债券价值，然后用BASE法则算到年末。

方法2是一步到位直接算t=1时刻的价值。

一颗牙疼 · 2020年11月23日

可是我们算得不是那个时点的pv，那个时点那个钱也是出去的呀

一颗牙疼 · 2020年11月23日

可是我们算得不是那个时点的pv，那个时点那个钱也是出去的呀

Olive_品职助教 · 2020年11月23日

嗨，从没放弃的小努力你好：


债券价值是未来现金流折现求和。

第二种方法本来就是第四笔现金流的折现求和，跟第一笔已经支付出去的payment没关系。第一笔已经支付出去的payment并没有包含在我们算出来的PV里面，因此也不用减去。


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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

2021-10-24 16:52 1 · 回答

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

2021-10-06 20:21 1 · 回答