罗斯公司理财第六版习题答案第5章.pdfVIP

志不强者智不达，言不信者行不果。——墨翟 Concept Questions ◆ Define pure discount bonds, level-coupon bonds, and consols. A pure discount bond is one that makes no intervening interest payments. One receives a single lump sum payment at maturity. A level-coupon bond is a combination of an annuity and a lump sum at maturity. A consol is a bond that makes interest payments forever. ◆ Contrast the state interest rate and the effective annual interest rate for bonds paying semi-annual interest. Effective annual interest rate on a bond takes into account two periods of compounding per year received on the coupon payments. The state rate does not take this into account. ◆ What is the relationship between interest rates and bond prices? There is an inverse relationship. When one goes up, the other goes down. ◆ How does one calculate the yield to maturity on a bond? One finds the discount rate that equates the promised future cash flows with the price of the bond. 勿以恶小而为之，勿以善小而不为。——刘备 一寸光阴一寸金，寸金难买寸光阴。——《增广贤文》 ◆ What are the three factors determining a firms P/E ratio? Todays expectations of future growth opportunities. The discount rate. The accounting method. ◆ What is the closing price of General Data? The closing price of General Data is 6 3/16. ◆ What is the PE of General House? The PE of General House is 29. ◆ What is the annual dividend of General Host? The annual dividend of General Host is zero. Concept Questions- Appendix To Chapter 5 ◆ What is the difference between a spot interest rate and the yield to maturity? 以家为家，以乡为乡，以国为国，以天下为天下。——《管子·牧民》 忍一句，息一怒，饶一着，退一步。——《增广贤文》 The yield to m