习题求助 CFA一级 Corporate Finance Reading37 的课后题12 percent, beyond, payments, expected, currently

pissunrise

P79.12, Trumpit Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have 5 years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Trumpit issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65%; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16%. Trumpit has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10%. Trumpit's marginal tax rate is 30%. If Trumpit raises $7.5 million of new capital while maintaing the same debt-to-equity ratio, its weighted average of capital is closest to:
A  14.5%
B  15.5%
C  16.5%


答案是B
我看解释给出BOND的现值的计算方式是 FV=$10,000,000, PMT=$400,000, N=10, I/YR =13.65%,   CPT-> PV = $7,999,688.
但是我按照上面的步骤，用计算器得到的答案是$4,896,931.505。这是为什么？哪位大神可以讲解一下？

adjani.zhang

semi-annual
I/Y  =13.65% -> I/YR =13.65% *1/2