财务管理基础13版_04b课件.pptVIP

4b.* Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. ? Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Chapter 4 – Support The Valuation of Long-Term Securities Bond C has a $1,000 face value and provides an 8% annual coupon for 30 years. The appropriate discount rate is 10%. What is the value of the coupon bond? Where V = $811 (rounded answer). Remember? Coupon Bond Example Well, we can use our knowledge of TVM from Chapter 3. The value of a bond has been shown to be the present value of the coupon payments (an annuity) and the future maturity value. Refer to ‘VW13E-04.xlsx’ on the ‘Bond Valuation’ tab. Coupon Bond Example Students should notice that the valuation is exactly the same as other accurate methods to solve and can be solved in one step in Excel using ‘=pv(.1,30,80,1000)’. Refer to ‘VW13E-04.xlsx’ on the ‘Bond Valuation’ tab. Remember? Zero-Coupon Bond Example Bond Z has a $1,000 face value and a 30 year life. The appropriate discount rate is 10%. What is the value of the zero-coupon bond? … V = $57.00 (rounded answer). This is the same type of problem once again, EXCEPT there is no annuity cash flow! It is simply a straight PV-type problem of finding the PV of the maturity value. We can place a value of $0 in the payment cell. Refer to ‘VW13E-04.xlsx’ on the ‘Bond Valuation’ tab. Zero-Coupon Bond Example Students should notice that the valuation is again exactly the same as other accurate methods and can be solved in one step using ‘= pv(.1,30,0,1000)’. Refer to ‘VW13E-04.xlsx’ on the ‘Bond Valuation’ tab. Remember? Semiannual Compounding (1) Divide kd by 2 (2) Multiply n by 2 (3) Divide I by 2 Most bonds in the US pay interest twice a year (1/2 of the annual coupon). Adjustments needed: Semiannual Coupon Bond Example Bond C was purchased on 12-31-2009 and will be redeemed on 12-31-2024. This is identical to the 15-year period we discussed for Bond C. It is an American-style and pays its a