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10. Little Monsters Inc. borrowed $1,000,000 for two years from NorthernBank Inc. at an 11.5% interest
rate. The current risk-free rate is 2% and Little Monsters’s financial condition warrants a default risk
premium of 3% and a liquidity risk premium of 2%. The maturity risk premium for two-year loan is
1% and inflation is expected to be 3% next year. What does this information imply about the rate of
inflation in the second year?
Solution: If inflation were expected to remain constant at 3% over the life of the loan, the interest
rate on the two-year loan would be 11%. Since the actual two-year interest rate is 11.5%,
the one-year interest rate in year 2 must be 12%, since 11.5 = (11 + 12)/2.
The required rate of 12% = Rf + DRP + LP + MRP + Inflation Premium.
= 2% + 3% + 2% + 1% + Inflation Premium.
So, the Inflation Premium in year 2 is 4%. But this is an average premium over two years.
Inflation Premium 4% = (Year 1 Inflation + Year 2 Inflation)/2
= (3% + x)/2
or,
x = 5%

我想问答案里的"如果通货膨胀率在贷款期间维持3%，那么两年期的贷款利率将是11%是怎么算出来的，两年期的贷款利率不是告诉你是11.5%么，还有等式The required rate of 12% = Rf + DRP + LP + MRP + Inflation Premium的左边是第二年的利率，而右边的通货膨胀溢价为什么是两年的平均，求高手解答

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关键词：计算题 information Informatio inflation condition 计算

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