暨南大学管理学院财务学管理课件Chapter 5 Valuation and Characteristics of Bonds.ppt

暨南大学管理学院财务学管理课件Chapter 5 Valuation and Characteristics of Bonds.ppt

  1. 1、本文档共54页,可阅读全部内容。
  2. 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
  3. 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载
  4. 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
P/YR = 1 Mode = end N = 20 I%YR = 14 PMT = 120 FV = 1000 Solve PV = -$867.54 Note: If the coupon rate discount rate, the bond will sell for a discount. Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 120 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 120 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) 1 PV = PMT 1 - (1 + i)n + FV / (1 + i)n i Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 120 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) 1 PV = PMT 1 - (1 + i)n + FV / (1 + i)n i 1 PV = 120 1 - (1.14 )20 + 1000/ (1.14) 20 = $867.54 .14 Suppose coupons are semi-annual P/YR = 2 Mode = end N = 40 I%YR = 14 PMT = 60 FV = 1000 Solve PV = -$866.68 Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 60 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 60 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) 1 PV = PMT 1 - (1 + i)n + FV / (1 + i)n i Bond Example Mathematical Solution: PV = PMT (PVIFA k, n ) + FV (PVIF k, n ) PV = 60 (PVIFA .14, 20 ) + 1000 (PVIF .14, 20 ) 1 PV = PMT 1 - (1 + i)n + FV / (1 + i)n i 1 PV = 60 1 - (1.07 )40 + 1000 / (1.07) 40 = $866.68 .07 Yield To Maturity The expected rate of return on a bond. The rate of return investors earn on a bond if they hold it to maturity. Yield To Maturity The expected rate of return on a bond. The rate o

文档评论(0)

ormition + 关注
实名认证
内容提供者

该用户很懒,什么也没介绍

1亿VIP精品文档

相关文档