请问level 1, schweser book3上的一个问题 书, interest, company, issues, market

neo1001

请问CFA Level 1，Schweser的book3，page 42，关于发行bond的total interest cost，中间那里，a company issues a bond of 1,000,000 with a coupon rate of 6% and a maturity of 5 years, while the market rate of interest of 7%. Based on the 7% market rate, the bonds would sell for 958,417.

可是我算到的是958,998，我是这样算的，CF0=0, CF1=60,000, F1=4, CF2=1,060,000, I=7%

->NPV=958,998，不知我这样算是否有错？

接着后面那个溢价发行的例子，我算出来的也是和书上的有些差异，望高手指点。

先谢了！

phonda

其实coupon （息票）每半年支付一次，这应该是常识，没必要说你不是美国人的理由

你只要随便找一本翻译的课本，都会有介绍。

yanlixia20

以下是引用cfal3passe在2005-5-5 23:37:00的发言：

Method is correct, but you must know a very important thing:

in Amarica, coupon is paid twice one year, so N=10, I/Y=3.5, PMT=30000, FV=1000000

then you will get the right anwer.

Unless clearly told us paid annually, you should compute like this.

Thanks

yangnan042

did you pass level 2 exam?

cfal3passe

yes

yangnan042

thanks a lot! did you pass level 1 exam?

cfal3passe

Yes, when I review Leve I examination, I did like this, and always get the right answer. fortunately, in my mind, in the real examination, the semiannual coupon payment would clearly spell out.

yangnan042

according to your means,the answer is exactly right.but how do i know the habit that bond with coupon rate is paid semiannual?i am not amarican.and is there any information which refer to the habit in the notes ? or is't means when there is "coupon" in the question without "annually".then i should know rate is paid semiannual?

cfal3passe

Method is correct, but you must know a very important thing:

in Amarica, coupon is paid twice one year, so N=10, I/Y=3.5, PMT=30000, FV=1000000

then you will get the right anwer.

Unless clearly told us paid annually, you should compute like this.

yangnan042

你这么算还不是一样得958998?!答案跟用NPV有什么不同?!

教材错了