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# 求助一条S16章节的题目 [分享]

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2007-11-6

2016-5-19

mjduony 发表于 2009-5-16 22:37:00 |显示全部楼层
 我做了Exam1的Afternoon Session，里面有这样一条题目：An investor is considering the purchase of Security X，which matures in ten years and has a par value of ＄1，000.During the first five years X has a 6% coupon with quarterly payments.During the remaining five years，X has an 8% coupon with quarterly payments.The face value is paid at maturity.Asecond 10-year security，Security Z，has a 6% semiannual coupon and is selling at par.Assuming that X has the same（bond equivalent）yield as Z，the price of Security X is closest to：A.＄943，B.＄1036，C.＄1067. 这条答案的解释是：The bond equivalent yield rate on the par bond（Z）is 6% or a 3% semiannual rate. The equivalent quarterly rate，1.031/2-1=0.014889.Security X makes 20 quarterly payments of＄15 and 20 quarterly payments of ＄20. We need to use the cash flow function as follows：CF0=0；CF1=15；F1=20；CF2=20；F2=19；CF3=1，020；F3=1；I=1.4889；CPT→NPV=＄1，067.27.Note that CF3 contains the final quarterly payments of ＄20 along with the ＄1,000 facePayments.  解释里怎么对F的值发生了变动呢？这个我感觉好像没有在Level 1里出现。   .custom_tag{background:none; padding-left:0;} .custom_tag a{text-decoration:none; margin-right:7px; display:inline-block;} .custom_tag a:hover{text-decoration:underline;} .custom_tag i{display: none;width: 60px;}

jane 发表于 2009-5-16 23:38:00 |显示全部楼层
 楼主能不能说下题号呢,我做了下午的,怎么印象中没有做过这道题呢,f的意思就是相对应的现金流出现了多少次,我理解.

mjduony 发表于 2009-5-17 11:59:00 |显示全部楼层
 Exam 1 Afternoon session第99题

jane 发表于 2009-5-17 22:31:00 |显示全部楼层
 是 notes 第6本的题吗?

hellfire 发表于 2009-5-18 09:48:00 |显示全部楼层
 这种债券是有的，NOTES中确实没有讲这样的例题。但是这种题的做法与其他的债券一样。NOTES也只是讲了CFA1的95%，你考试时可能会碰到NOTES中没有提及的题目。

 mjduony 发表于 2009-5-16 22:37 我做了Exam1的Afternoon Session，里面有这样一条题目：An investor is considering the purchase of Secur ...楼主这题目是哪里来的啊？

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