请选择 进入手机版 | 继续访问电脑版
楼主: mjduony
753 2

请教一条题目:官方第三套样题第57题 [推广有奖]

  • 0关注
  • 2粉丝

大专生

80%

还不是VIP/贵宾

-

威望
0
论坛币
1515 个
通用积分
0.0009
学术水平
1 点
热心指数
1 点
信用等级
1 点
经验
98 点
帖子
71
精华
0
在线时间
32 小时
注册时间
2007-11-6
最后登录
2021-3-24

mjduony 发表于 2009-5-7 15:41:00 |显示全部楼层 |坛友微信交流群

+2 论坛币
k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群
赵安豆老师微信:zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

感谢您参与论坛问题回答

经管之家送您两个论坛币!

+2 论坛币
<p>题目是这样的:</p><p>57&nbsp;&nbsp;&nbsp; An analyst has gathered the following information: </p><p>Year&nbsp;&nbsp;&nbsp; 3-Year Treasury Rate&nbsp;&nbsp;&nbsp; Treasury Spot Rate </p><p></p><p>&nbsp; 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;3.75%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% </p><p>&nbsp; 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% </p><p></p>&nbsp; 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%&nbsp;<p>Based on the arbitrage-free valuation approach, a $1,000 face value bond that pays a 5 percent annual coupon and matures in 3 years has a current market value closet to: </p><p>A. $1,027.75.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p><p>B. $1,028.67.&nbsp;&nbsp;&nbsp;&nbsp;</p><p>C. $1,034.85.</p><p>&nbsp;</p>答案是这样的: <p></p>57.Correct Answer = B <p></p><p>"Introduction to the Valuation of Debt Securities," Frank J. Fabozzi, CFA</p><p>2009 Modular Level I, Vol. 5, pp. 357-358; 372-378</p><p>Study Session 16-64-c, f</p><p>Compute the value of a bond and the change in value that is attributable to a change in the discount rate. </p><p>Explain the arbitrage-free valuation approach and the market process that forces the price of a bond toward its arbitrage-free value, and explain how a dealer can generate an arbitrage profit if a bond is mispriced.</p><p>Each cash flow is discounted by the appropriate spot rate:</p><p>&nbsp;</p><p>发现下面最关键的推算步骤没了。这条题目实在没想明白是什么意思。请老师能给解答一下。谢谢!</p><p>&nbsp;另外关于spot rate 和forward rate实在整不明白。能有什么理解的窍门吗?^_^</p>&nbsp; <p></p>

[此贴子已经被作者于2009-5-7 15:42:29编辑过]

二维码

扫码加我 拉你入群

请注明:姓名-公司-职位

以便审核进群资格,未注明则拒绝

关键词:introduction information appropriate troduction Securities following valuation current percent annual

hellfire 发表于 2009-5-7 16:34:00 |显示全部楼层 |坛友微信交流群
<table cellspacing="0" cellpadding="0" width="709" border="0" style="WIDTH: 532pt; BORDER-COLLAPSE: collapse;"><colgroup><col span="2" width="72" style="WIDTH: 54pt;"></col><col width="88" style="WIDTH: 66pt; mso-width-source: userset; mso-width-alt: 2816;"></col><col width="151" style="WIDTH: 113pt; mso-width-source: userset; mso-width-alt: 4832;"></col><col width="93" style="WIDTH: 70pt; mso-width-source: userset; mso-width-alt: 2976;"></col><col width="157" style="WIDTH: 118pt; mso-width-source: userset; mso-width-alt: 5024;"></col><col width="76" style="WIDTH: 57pt; mso-width-source: userset; mso-width-alt: 2432;"></col></colgroup><tbody><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl22" width="72" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 54pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">year</td><td class="xl22" width="72" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 54pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">coupon</td><td class="xl22" width="88" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 66pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">principal</td><td class="xl26" width="151" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 113pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">total cash flow</td><td class="xl22" width="93" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 70pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">spot rate</td><td class="xl22" width="157" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 118pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">discount rate</td><td class="xl26" width="76" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 57pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">PV</td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl22" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">1</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0</td><td class="xl26" xfmla="=B2+C2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">50</td><td class="xl23" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">3%</td><td class="xl24" xfmla="=1/(1+E2)^A2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.9709 </td><td class="xl27" xfmla="=F2*D2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">48.54 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl22" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">2</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0</td><td class="xl26" xfmla="=B3+C3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">50</td><td class="xl25" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">3.50%</td><td class="xl24" xfmla="=1/(1+E3)^A3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.9335 </td><td class="xl27" xfmla="=F3*D3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">46.68 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl22" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">3</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">1000</td><td class="xl26" xfmla="=B4+C4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">1050</td><td class="xl23" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">4%</td><td class="xl24" xfmla="=1/(1+E4)^A4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.8890 </td><td class="xl27" xfmla="=F4*D4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">933.45 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl22" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;"> </td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl22" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl27" xfmla="=SUM(G2:G4)" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">1028.67 </td></tr></tbody></table><p>举一个例子</p><p>forward rate,第一年年薪8元,第二年年薪10元,第三年年薪12元;整体下来,类似于spot rate:3年期合同年薪10元。</p>

使用道具

hellfire 发表于 2009-5-7 16:37:00 |显示全部楼层 |坛友微信交流群
<table cellspacing="0" cellpadding="0" width="709" border="0" style="WIDTH: 532pt; BORDER-COLLAPSE: collapse;"><colgroup><col span="2" width="72" style="WIDTH: 54pt;"></col><col width="88" style="WIDTH: 66pt; mso-width-source: userset; mso-width-alt: 2816;"></col><col width="151" style="WIDTH: 113pt; mso-width-source: userset; mso-width-alt: 4832;"></col><col width="93" style="WIDTH: 70pt; mso-width-source: userset; mso-width-alt: 2976;"></col><col width="157" style="WIDTH: 118pt; mso-width-source: userset; mso-width-alt: 5024;"></col><col width="76" style="WIDTH: 57pt; mso-width-source: userset; mso-width-alt: 2432;"></col></colgroup><tbody><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl24" width="72" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 54pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">year</td><td class="xl24" width="72" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 54pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">coupon</td><td class="xl24" width="88" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 66pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">principal</td><td class="xl28" width="151" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 113pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">total cash flow</td><td class="xl24" width="93" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 70pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">spot rate</td><td class="xl24" width="157" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 118pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">discount rate</td><td class="xl28" width="76" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 57pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">PV</td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl24" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">1</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0</td><td class="xl28" xfmla="=B2+C2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">50</td><td class="xl25" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">3%</td><td class="xl26" xfmla="=1/(1+E2)^A2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.9709 </td><td class="xl29" xfmla="=F2*D2" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">48.54 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl24" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">2</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0</td><td class="xl28" xfmla="=B3+C3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">50</td><td class="xl27" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">3.50%</td><td class="xl26" xfmla="=1/(1+E3)^A3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.9335 </td><td class="xl29" xfmla="=F3*D3" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">46.68 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl24" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;">3</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">50</td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">1000</td><td class="xl28" xfmla="=B4+C4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">1050</td><td class="xl25" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">4%</td><td class="xl26" xfmla="=1/(1+E4)^A4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;">0.8890 </td><td class="xl29" xfmla="=F4*D4" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">933.45 </td></tr><tr height="19" style="HEIGHT: 14.25pt;"><td class="xl24" height="19" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 14.25pt; BACKGROUND-COLOR: transparent;"> </td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl24" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent;"> </td><td class="xl29" xfmla="=SUM(G2:G4)" style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: #ffff99;">1028.67 </td></tr></tbody></table><p>举一个例子:</p><p>forward rate:第一年年薪8元,第二年年薪10元,第三年年薪12元,三年下来总共拿了30元;</p><p>整体来看,类似于spot rate:三年期合同年薪10元,这样你三年下来总共也是拿了30元,</p>

使用道具

您需要登录后才可以回帖 登录 | 我要注册

本版微信群
加好友,备注jr
拉您进交流群

京ICP备16021002-2号 京B2-20170662号 京公网安备 11010802022788号 论坛法律顾问:王进律师 知识产权保护声明   免责及隐私声明

GMT+8, 2024-3-29 07:35