A firm issues a $10 million bond with a 6% coupon rate, 4-year maturity, and annual interest payments when market interest interest rates are 7%.题目是If market rate changes to 8% and the bond are carried at amortized cost,the book value of the bonds at the end of the first year will be?
我认为的计算过程应该是：
Ending book value=Beginning book value+ Interest expense- coupon payment
Beginning book value: FV=10 million, I/Y=8, N=4, PMT=600,000,算出来PV=9,337,574.63
Interest Expense= 9,337,574.63*8%=747,005.97
Coupon payment=600,000
Ending book value=9,337,574.63+747,005.97-600,000=9,484,580.6，我觉得应该选A。
可是答案的解释是：The change in market rates will not affect amortized cost. 也就是说还是按照market rate=7%去算。
Ending book value=9,661,279+676,290-600,000=9,737,568,应该选C
为什么不按照新的market rate 去算，不明白， 而且解释还说如果N从4年变成3年也不影响result
请各位大侠指教，不胜感激！ |
发表于 2014-4-13 11:00
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