, (coupon bond) , , , (.. ). (coupon payments). , , .
(coupon rate) , . 1000 . 10% 0,10 1000 ., .. 100 . 6 , 100 . 1000 2.
8.2. , ( ) 100 . 1000 . ( " " ""). 100 . . 1000 . (.. ).
. 8.2. 10%- 1000 .
, . , , "" .
, , , (par bonds). , . , , 1000 ., 10% . 1100 .: 100 . 1000 . . , 10%- 1000 ., 10%.
:
, .
, . , , , , . , 10%- 19 20 . 1 10% . , 5%.
|
|
10%- (1000 .), 1047,62. , , ( ) (premium bond).
?
, . (current yield), :
= / = 100/1047,62 = 9,55%
. , , 1000 ., .. 47,62 . , .
, , , (yield-to-maturity). ( ) , .
, , (1000 .). , , , :
= ( + - ) /
= (100 . + 1000 . 1047,62 .) / 1047,62 . = 5%
, , , (9,55%), .
, , . , 10%- , 1000 . 1100 . ?
9,09%.
= / = 100 . / 1000 . = 9,09%
, , , , (1100 .). , , , .
|
|
n - , i , ' , FV .
, : , PV ( ""), FV , - .
n | i | PV | FV | ||
-1100 | i= 4,65% |
, .
, .
:
, , , , .