Appendix C - Bellevue College, Washington附录C -贝尔维尤大学，华盛顿.pptVIP

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Appendix C - Bellevue College, Washington附录C -贝尔维尤大学，华盛顿.ppt

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* The Cash Flow of Bonds Let’s say you have 1,000 bonds. that you sell at Face Value. Review: What is the face value of a single bond? $1,000 Review: What is the face value of the entire bond issuance of 1,000 bonds? * The Cash Flow of Bonds Let’s say you have 1,000 bonds that you sell at Face Value. Review: What is the face value of a bond? $1,000 Review: What is the face value of the entire bond issuance of 1,000 bonds? $1,000 * 1,000 bonds = $100,000 * The Cash Flow of Bonds Bond Interest Rate (the contract rate) = 10% Face Value of Bond Issuance ($1,000 * number of bonds sold) = $100,000 Bond Interest Payments (Face Value of Bond Issuance * semi annual bond interest (contract) rate = ($100,000 * 10%)/2 = $10,000/2 = $5,000 Years = 5 * The Cash Flow of Bonds - con’t Bond Interest Rate (the contract rate) = 10% Face Value of Bond Issuance ($1,000 * number of bonds sold) = $100,000 Bond Interest Payments (Face Value of Bond Issuance * semi annual bond interest (contract) rate = ($100,000 * 10%)/2 = $10,000/2 = $5,000 Years = 5 There are TWO CASH OUTFLOWS with Bonds Interest Payment every six months = $5,000 Payment of principal at the end of the bond = $100,000 You have to calculate the Present Value of each cash flow to get the total Market Price of the Bond at the Market Interest Rate * Cash Flow of the Principal After 5 years. The company must pay back the bond, at FACE VALUE. I (interest), FV (future value), N (periods) 10%, $100,000, 5 years = 10 periods ?||||||||||? $100,000 $100,000 is the principal of the loan. The $100,000 is a single amount. We pay back the Bond, in the future, at FACE Value, regardless of what what the Selling Price of the Bond was. Fill in the table on your Course pack, then See Page C13 * Cash Flow of Interest Paid I’m LOCKED IN WITH: I (interest), FV (future value), N (periods) 10%, $100,000, 5 years = 10 periods ?||||||||||? $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,