求助一道inflation premium題目

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求助一道inflation premium題目
題目: Little Monsters Inc. borrowed $1,000,000 for two years from Northern Bank 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 (i.e. the premium paid for investor’s willingness to hold longer term
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?

以下是official 答案:
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 →x = 5%

但想請問斜體字那邊的意思及為什麼那4%是average premium，可否請大家幫幫忙?感謝

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关键词：inflation flation premium ATION Prem 求助 inflation premium

不好意思，没看到你哪里有斜体字~
通过题目你首先可以计算出第一年的利率=无风险利率+违约风险溢价+流动性风险溢价+到期日风险溢价+通胀率=2%+3%+2%+1%+3%=11%。题目中的11.5%是两年的平均利率，因此第二年的利率就是11.5%*2-11%=12%，然后再用上面的公式，假设其他条件都不变，计算出第二年的通胀率为4%。

感謝樓上~~~不好意思我的斜體字是問下面的訊息:
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 →x = 5%

我不太了解為什麼要這樣做~不知道牛人您是否可以替我解惑!!!

楼上说的公式错了一点 应该是加上同伙膨胀溢价 知道通货膨胀溢价后算通货膨胀率就OK了