债券市场分析与策略第7版答案2.docxVIP

Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall. Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall. PAGE # CHAPTER 2 PRICING OF BONDS CHAPTER SUMMARY This cliaptei will focus on the tune value of money and how to calculate the puce of a bond? When pncnig a bond it is necessaiy to estunate the expected cash flows and deteiniuie the appiopnate yield at wluch to discount the expected cash flows. Among other aspects of a bond, we will look at the xeasons why the puce of a bond changes REVIEW OF TIME VALUE OF MONEY Money lias tune value because of the oppomimty to invest it at some inteiest late. Funue Value The ftituie value of any sum of money invested today is: Pn = Po(l 卄) where n = numbei of periods, Pfi = fxituie value n periods fioni now (m dollais), Po = ongmal principal (in dollars), r = interest rate per penod (in decunal fonn), and the expiession (1+r/1 lepiesents the fiituie value of SI invested today fbi // periods at a compounding rate of r. When mreiest is paid moie than one time pei yeai\ both the mteiest rate and the numbei of penods used to compute tlic ftitiuc value must be adjusted as follows: 1 = amiual mteiest rate / numbei of tunes inteiest paid per yeai; and n = number of times mteiest paid pei year times number of years. The highei fiitiiie value when inteiest is paid semiamiually, as opposed to aimuallv, reflects the gieatei oppoituiuty fbi leinvestmg the interest paid. Funne Value of an Ordinary Annuity When the same amount of money is mvested penodically, it is lefened to as ail annuity. When the fiist investment occuis one period fiom now, it is lefened to as an oidinaiy annuity. The equation foi tlie fiinne value of an oidmaiy aimuity is: where A is the amount of the aimuity (in dollai s). Example of Funue Value of an Oidmaiy Aimuity Using Aimual Liteiest: If A = $2.000,000, r = 0.0 and /? = 15, then Pfi = A — 今 Pis = _ r . ■ ■ $2.000.000 EH -】=S2』00,000[27?152125] = $54304.250. 0.08 Because 15(52