計算.doc

Chapter 31.Calculate the present value of $1,000 zero-coupon bond with 5 years to maturity if the required annual interest rate is 6%.（計算1000美元零息債券的現(xiàn)值5年到期如果所需的年利率為6%。）Solution:PV(現(xiàn)值) = FV（）/(1 + i)n,where FV = 1000, i = 0.06, n = 5PV = 747.25 grand prize is3.Consider a bond with a 7% annual coupon and a face value of $1,000. Complete the following table:（考慮將以每年7%的息票，面值為1000美元的債券。完成下面的表格：）Years to MaturityDiscount RateCurrent Price3537679799What relationship do you observe between yield to maturity and the current market value?（有什么關系，你觀察到期收益率與市場價值之間的關系嗎？）Solution:Years to MaturityYield to MaturityCurrent Price35$1,054.4637$1,000.0067$1,000.0095$1,142.1699$ 880.10When yield to maturity is above the coupon rate, the bands current price is below its face value. The opposite holds true when yield to maturity is below the coupon rate. For a given maturity, the bonds current price falls as yield to maturity rises. For a given yield to maturity, a bonds value rises as its maturity increases. When yield to maturity equals the coupon rate, a bonds current price equals its face value regardless of years to maturity.（當?shù)狡谑找媛矢哂谄泵胬?，債券的市價低于其票面價值。相反，當?shù)狡谑找媛实陀谄泵胬?。對于一個給定的期限，債券的當前價格下跌到期收益率上升。對于一個給定的到期收益率，債券的價值上升，其成熟度的增加。當?shù)狡谑找媛实扔谄泵胬?，債券的當前價格等于其面值無論年到期。）4.Consider a coupon bond that has a $1,000 per value and a coupon rate of 10%. The bond is currently selling for $1,150 and has 8 years to maturity. What is the bonds yield to maturity?（考慮一個息票債券，有一個1000美元的價值和10%的息票率。債券目前的售價為1150美元，8年內(nèi)到期。債券的到期收益率是什么？）p43Solution:To calculate the bonds yield to maturity using a financial calculator:N = 8; PMT = 1000 0.10 = 100; FV = 1000; PV = 1150Compute I : I = 7.446. What is the price of a perpetuity that has a coupon of $50 per year and a yield to maturity of 2.5%? If the yield to maturity doubles, what will happen to its price?（一個永久的有息每年50美元和2.5%的到期收益率的價格是多少？如果到期收益率增加一倍，其價格會發(fā)生什么？）Solution:Pc=C/ic,=50/2.5%=$2000 The price is $2000.If the yield to maturity doubles, its price will cut in half.9.A 10-year, 7% coupon bond with a face value of $1,000 is currently selling for $871.65. Compute your rate of return if you sell the bond next year for $880.10.Solution:（一個10年，以1000美元的面值7%的息票債券目前的售價為871.65美元。計算你的回報率，如果你賣債券明年880.10美元。）Chapter 83.If you want to earn an annualized discount rate of 3.5%, what is the most you can pay for a 91-day Treasury bill that pays $5,000 at maturity?（如果你想獲得每年3.5%的折現(xiàn)率，你可以支付91天的國庫支付5000美元的賬單，成熟時最？）Solution:4.What is the annualized discount rate % and investment rate % on a Treasury bill that you purchase for $9,900 that will mature in 91 days for $10,000?（年貼現(xiàn)率和投資率% %在財政部的比爾，你以9900美元的價格收購，將成熟的91天為10000美元，是什么？）Solution:Discount Rate = Investment Rate(投資率) = 5.The price of 182-day commercial paper is $7,840. If the annualized investment rate is 4.093%, what will the paper pay at maturity?（182天的商業(yè)票據(jù)的價格是7840美元。如果按年投資率是4.093%，在成熟時，本文將到期支付什么？）Solution:Let B = what will be paid at maturityChapter 91.A bond pays $80 per year in interest (8% coupon). The bond has 5 years before it matures at which time it will pay $1,000. Assuming a discount rate of 10%, what should be the price of the bond (Review Chapter 3)?（債券支付每年80美元的利息（8%票）。5年的債券到期時將支付1000美元之前。假設一個10%的折扣率，什么應該是債券的價格（章3）？）p43Solution:$924.184.A 2-year $1,000 par zero-coupon bond is currently priced at $819.00. A 2-year $1,000 annuity is currently priced at $1,712.52. If you want to invest $10,000 in one of the two securities, which is a better buy? You can assume（2年的1000美元面值的零息票債券目前售價為819美元。2年1000美元的年金目前售價為1712.52美元。如果你想投資10000美元在一個證券，這是一個更好的購買？你可以假設）Solution:With PV = $819, FV = $1,000, PMT = 0 and N = 2, the yield to maturity on the two-year zero-coupon bonds is 10.5% for the two-year annuities, PV = $1,712.52, PMT = 0, FV = $2,000 and N = 2 gives a yield to maturity of 8.07%. The zero-coupon bonds are the better buy.10.A 10-year, 1,000 par value bond with a 5% annual coupon is trading to yield 6%. What is the current yield?（一個10年，1000面值的債券以5%的年利息是交易的收益率6%?，F(xiàn)在的產(chǎn)量是多少？）Solution:The current price of the bond is computed as follows:PMT = 50; N = 10; FV = 1000; I = 6Compute PV; PV = 926.40The current yield = 50/926.40 = 5.4%11.A $1,000 par bond with an annual coupon has only 1 year until maturity. Its current yield is 6.713% and its yield to maturity is 10%. What is the price of the bond?（一種面值1000美元的債券年利率只有1年直到成熟。目前的收益率是6.713%，其到期收益率是10%。債券的價格是多少？）Solution:a.CY = 0.06713 = Coupon/Price, or Coupon = 0.06713 Priceb.Price = (Coupon + 1000)/1.10.Substituting from (1), Price = (0.06713 Price + 1000)/1.10Solve for Price, Price = $968.17Chapter 105.Suppose Microsoft, Inc. was trading at $27.29 per share. At that time, It pays an annual dividend of $0.32 per share, and analysts have set a 1-year target price around $33.30 per share. What is the expected return on this stock?（微軟公司認為，交易價格為每股27.29美元。當時，它支付的年度股息每股0.32美元，分析師已將一年的目標價每股33.30美元左右。對這只股票的期望回報率是多少？）Solution:7.Huskie Motors just paid an annual dividend of $1.00 per share. Management has promised shareholders to increase dividends a constant rate of 5%. If the required return is 12%, what is the current price per share?（西伯利亞愛斯基摩狗運動只是支付的年度股息每股1美元。管理承諾股東增加派息恒定速度5%。如果所要求的回報是12%，當前每股的價格是多少？）Solution:12.Analysts are projecting that CB Railways will have earnings per share of $3.90. If the average industry ratio is about 25, what is the current price of CB Railways?（分析人士預計，CB鐵路將有每股3.90美元。如果行業(yè)平均比例約為25，CB鐵路目前的價格是多少？）Solution:Price =