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国际货币和金融经济学课件05
INTERNATIONAL MONETARY
AND
FINANCIAL ECONOMICS
Interest Yields,
Third Edition
Interest-Rate
Risk, and
Derivative
Securities
Joseph P. Daniels
David D. VanHoose
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
Interest Rates
• To understand the risks owing to interest rate
variations, how to minimize those risks, or
how to profit from them requires an
understanding of how interest rates and the
prices of financial instruments are related.
• Principal is the amount of credit extended
when one makes a loan or purchases a bond.
2
Interest Yields
• Interest is the payment by the issuer of a
financial instrument that compensates the
purchaser for the use of their funds.
• The interest rate is the amount of interest
expressed as a percentage of the principal.
• Capital gain is a rise in the value of a financial
instrument at the time it is sold relative to its
market value at the time it was purchased.
3
Discounted Present Value
• Discounted present value is the value today of
a payment to be received at a future date.
• Calculating discounted present value:
–The value today of a payment to be received at a
future date.
• Payment one year from now/(1+ r).
–Discounted present value of payment to be
received n years in the future:
• n
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