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When a bond is trading at par, its YTM equals the coupon rate. Since the coupon rate is 4.75%
N
Given
I/Y
10
4.750%
I/Y
10
4.8787%
I/Y
10
4.623%
Part B
P = 47,500,000 x (1/.03)( ( 1-(1/1.03^8)) + 1000000000/1.03^8 =
P = 1,122,844,613 Yens
y = 4.75%
ate. Since the coupon rate is 4.75%, the YTM of the bond is also 4.75%.
PV
PMT
FV
1,000,000,000
47500000
1,000,000,000
y = 4.88%
PV
PMT
FV
-990,000,000
47500000
1,000,000,000
ce value
y = 4.62%
PV
PMT
FV
-1,010,000,000
47500000
1,000,000,000
00000/1.03^8 =
($11,228.44613)
#2.
A.
Bond A:
N
45
Bond B:
10
N
40
Bond C:
PV
4%
20
1000
F
4%
C
1000
1000
FV
-990
F
4%
20
B.
Nationaliste
1000
N
80
10
Since YTM for Nationaliste is higher than Bond B, we should choose Nationaliste
PV
-1040.55
-1000.00
PV
PV
-456.39
r
8.15%
B, we should choose Nationaliste
A
NPER
Given
Solve
RATE
20.00
PV
PMT
0.09
25000.00
228213.64
1st INTEREST
1st PRINCIPLE
NPER
Given
Solve
RATE
1.00
PV
PMT
0.09
25000.00
22935.78
Last INTEREST
Last PRINCIPLE
0.00
228213.64
228213.64
Debt Outstanding
Principle
Interest
payment
PV
Total INTEREST
1.00
223752.87
4460.77
20539.23
25000.00
18843.33
146364.61
2.00
218890.63
4862.24
20137.76
25000.00
16949.55
3.00
213590.78
5299.84
19700.16
25000.00
15212.14
B
NPER
Given
Solve
RATE
5.00
PMT
0.09
25000.00
97241.28
NPER
Given
Solve
RATE
5.00
PV
PMT
0.09
30000.00
116689.54
NPER
Given
Solve
RATE
5.00
PV
PMT
0.09
35000.00
136137.79
NPER
Given
Solve
PV
RATE
5.00
PV
PMT
0.09
40000.00
155586.05
Debt Outstanding
Debt Outstanding
228213.64
20539.23
4460.77
22935.78
2064.22
22935.78
4.00
207813.95
5776.83
19223.17
25000.00
13618.18
97241.28
75840.19
57506.08
42714.29
273301.84
5.00
201517.21
6296.74
18703.26
25000.00
12155.83
6.00
194653.76
6863.45
18136.55
25000.00
10814.23
7.00
187172.60
7481.16
17518.84
25000.00
9583.40
8.00
179018.13
8154.47
16845.53
25000.00
8454.21
9.00
170129.76
8888.37
16111.63
25000.00
7418.24
10.00
160441.44
9688.32
15311.68
25000.00
6467.82
11.00
149881.17
10560.27
14439.73
25000.00
5595.87
12.00
138370.48
11510.69
13489.31
25000.00
4795.92
13.00
125823.82
12546.66
12453.34
25000.00
4062.01
14.00
112147.96
13675.86
11324.14
25000.00
3388.71
15.00
97241.28
14906.68
10093.32
25000.00
2771.00
16.00
80993.00
16248.28
8751.72
25000.00
2204.29
17.00
63282.37
17710.63
7289.37
25000.00
1684.38
18.00
43977.78
19304.59
5695.41
25000.00
1207.39
19.00
22935.78
21042.00
3958.00
25000.00
769.79
20.00
0.00
22935.78
2064.22
25000.00
368.32