债券市场分析报告与策略第7版问题详解2.docxVIP

标准 标准 文案 文案 CHAPTER 2 PRICING OF BONDS CHAPTER SUMMARY This chapter will focus on the time value of money and how to calculate the price of a bond. Whe n pricing a bond it is necessary to estimate the expected cash flows and determine the appropriate yield at which to disco unt the expected cash flows. Among other aspects of a bond, we will look at the reas ons why the price of a bond cha nges REVIEW OF TIME VALUE OF MONEY Money has time value because of the opportunity to invest it at some interest rate. Future Value The future value of any sum of money in vested today is: Pn= Po(1+r)n where