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HL · 2021年12月01日

慌的一批，PMT=40哪来的？？

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905% rd(1 − t) = 10.62985%(1 − 0.38) = 6.5905%

如题反复看原题，没有这个条件，请问PMT=40是哪来的？

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1 个答案

王琛_品职助教 · 2021年12月03日

嗨，从没放弃的小努力你好：


因为题干说了是半年付息一次，还有五年到期，所以 N 是 10，PMT 是 40

"with an 8 percent coupon paid semi-annually"

这道题考查的是 After-Tax Cost of Debt，使用 YTM approach，做题时一定要注意题干中的付息，是一年一次还是半年一次哈

如果是半年付息一次，要注意代入计算器中的数据，包括 N，PMT，以及算出的 I，还要乘以 2

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