[CFA Level 2] 二级 09年sample version3 第14题 答案是不是错了?

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发表于 2010-5-14 10:23 | 只看该作者

[CFA Level 2] 二级 09年sample version3 第14题答案是不是错了?

market, initial, interest

如题

答案貌似是把interest expense的基数当做initial outlay算的,实际上应该是market value吧?

我算出的答案等于8.706million

大家怎么想?

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发表于 2010-5-25 13:10 | 只看该作者

两道CFA官方sample的题

Forwhat, I think you are correct. This is actually the only way that makes sense. However, I don't know why sample would assume this way. The sample is supposed to have the same idea with CFA book. And I checked the book, and found it uses market value instead of outlay as well. So... I am confused.

But I guess this is good for now. No need to go further.

Thank you for both you guys.

forwhat

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发表于 2010-5-25 11:04 | 只看该作者

QUOTE:

以下是引用hehanz在2010-5-25 10:10:00的发言：
forwhat,请看三楼的回复.

Wow, you are so impressive that you two can study this question in such detail! Nice!

I see what's going on with it. The two questions from notes and the sample are actually have different "assumptions".

Basically, financing a project are based on initial outlay which is the real money invested. The demonstration on notes, however, specifically mentions the way to calculate the interest expense. Therefore, when answering the sample question, we dont need to have the market value before getting the interest cost.

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发表于 2010-5-25 10:10 | 只看该作者

forwhat,请看三楼的回复.

viconia

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发表于 2010-5-25 10:10 | 只看该作者

好吧，我有点想明白了

书上有道例题有假设company borrow 50% of its company value

但是可能sample里这道题就假设它借了initial outlay那么多钱。。。

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发表于 2010-5-25 10:08 | 只看该作者

两道CFA官方sample的题

嗯,我们俩的算法是一致的,你的更简单,不过答案差不多.但答案就很奇怪,只用了outlay.我觉得不是想的复杂的问题,是对和错的问题.你看看我之前的回复,notes上有一个地方明确说,应该用market value而不是outlay.

但我又觉得答案不可能会错,所以可能是其他什么地方我们理解错了?

forwhat

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发表于 2010-5-25 09:52 | 只看该作者

what you need to finance with debt for the project is the real money (outlay) invested in that project, but not NPV + Outlay.

viconia

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发表于 2010-5-25 08:27 | 只看该作者

我是这样想的

NPV=-outlay+后面所有的cashflow折现

而第一年的market value就是等于 “后面所有的cashflow折现”

所以就是NPV+outlay

如果答案上只用outlay算。。。我觉得莫非是我们把问题想的复杂了？

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还有。。。我发现其实我和你market value算出来差不多。。。额，我昨天还好意思说你算的不对，对不起啦，嘿嘿~~虽然我现在还是搞不清楚。。。唉。。。又发现一个薄弱知识点 555

[此贴子已经被作者于2010-5-25 9:12:53编辑过]

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发表于 2010-5-25 00:58 | 只看该作者

楼上,我同意你的观点.但答案和你的也是不一样的.答案的interest expense @1st yr = 0.4 * 38 * 12%,而你的是 0.4 *(38 + outlay) * 12%.问题的关键就在,答案用的是outlay,我觉得应该用market value which is not equal to outlay.