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！

yangnan042

我觉得是教材的计算错误.因为当我用它计算出来的数据返回去验算时得到IRR=7.01%.

而用958998计算出来的IRR=7%

所以教材错了.

deny2002

这样算的N＝5 I/Y=7 PMT=60000 FV=1000000 －》PV=?

这种题目都是这么算的！

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

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

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

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

thanks a lot! did you pass level 1 exam?

cfal3passe

yes

yangnan042

did you pass level 2 exam?