题目
Test:Chapter 6-A
多项填空题
Part 1Zero-coupon bond. What is the annual implied interest of a five-year zero-coupon bond LOADING... (using the semiannual pricing convention) with a current yield LOADING... of 99% and a par value LOADING... of $5,0005,000? Part 1What is the first year's implied interest of the zero-coupon bond? (Round to the nearest cent.)$[input]enter your response here Part 2What is the second year's implied interest of the zero-coupon bond? (Round to the nearest cent.)$[input]enter your response here Part 3What is the third year's implied interest of the zero-coupon bond? (Round to the nearest cent.)$[input]enter your response here Part 4What is the fourth year's implied interest of the zero-coupon bond? (Round to the nearest cent.)$[input]enter your response here Part 5What is the last year's implied interest of the zero-coupon bond? (Round to the nearest cent.)$[input]enter your response here
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思路分析
To tackle this zero‑coupon bond problem under the semiannual pricing convention, we start by establishing the current price of the bond and the corresponding per‑half‑year yield.
Step 1: Determine the price today. The current yield is 99% of par, and the par value is 5,000, so the price today is 0.99 × 5,000 = 4,950.
Step 2: Translate the price into a semiannual yield. Let s be the per‑half‑year yield (as a decimal). With semiannual compounding for 5 years (10 half‑years), the price satisfies:
4,950 = 5,000 / (1 + s)^{10}
Solving (1 + s)^{10} = 5,000 / 4,950 ≈ 1.01010101 gives s ≈ 0.001005 (about 0.1005% per half‑year).
Step 3: Compute the price at each yearly point (i.e., after 1, 2, 3, 4, and 5 years). At year t, there remain (5 − t) years, i.e., ......Login to view full explanation登录即可查看完整答案
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