b****f
发帖数: 27 | 1 这道题是ACTEX中Bonds， Page M4-20 中的11题：
该题目如下
A 1000 par value bond pays annual coupons of 80. The bond is redeemable at
par in 30 years, but is callable any time from the end of the 10th year at
1050. Based on her desired yield rate, an investor calculates the following
potential purchase prices, P:
Assuming the bond is called at the end of the 10th year, P=957
Assuming the bond is held until maturity, P=897
The investor buys the bond at the highest price that guarantees she will
receive at le | h*********1
发帖数: 102 | 2 Here is just my little thought:
First, the investor's desired yield rate should be the same rather the bond
is callable or not in order for the investor to compare and calculate the
potential purchase prices. If the desired yield rate is not unique, there is
no point to seek guarantee. After some calculations, we can find that the
desired yield rate is 9.00281466%.
If you choose the PV of the bond which is called at the end of 10th year,
the investor's desired yield rate can be guaranteed if and | b****f
发帖数: 27 | 3 Thanks for your detailed explanation, but I still have a question, how can
you get her desired yield rate? How do you set the value of N and PV?
bond
is
calls
【在 h*********1 的大作中提到】
: Here is just my little thought:
: First, the investor's desired yield rate should be the same rather the bond
: is callable or not in order for the investor to compare and calculate the
: potential purchase prices. If the desired yield rate is not unique, there is
: no point to seek guarantee. After some calculations, we can find that the
: desired yield rate is 9.00281466%.
: If you choose the PV of the bond which is called at the end of 10th year,
: the investor's desired yield rate can be guaranteed if and
| h*********1
发帖数: 102 | 4 A 1000 par value bond pays annual coupons of 80. The bond is redeemable at
par in 30 years, but is callable any time from the end of the 10th year at
1050. Based on her desired yield rate, an investor calculates the following
potential purchase prices, P:
1) Assuming the bond is called at the end of the 10th year, P=957
2) Assuming the bond is held until maturity, P=897
For 2) PV=897, n=30, PMT=-80, FV=-1000, CPT i and store i value in the
calculator.
For 1) then I tried, PV=957, PMT=-80, FV=-10 |
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