会计专业金融学第二篇利率.pptVIP

Chapter 4 Interest Rates and Rates of Return Types of Bonds Simple loan Discount bond Coupon bond Fixed-payment loan Present Value Comparing returns across debt types is difficult since timing of repayment differs. Solution is the concept of present value. The present value of $1 received n years in the future is $1/(1 + i)n. Figure 4.1 Time Lines for Credit Market Instruments Bond Yields The interest rate that equates the present value to price is the yield to maturity. Current yield = coupon/current price. Coupon rate = coupon/face value. Current Price and Face Value If current price