题目
Given the following information, which of the following amounts is closest to d (l.0), the discount factor for the first year?「huixue_img/importSubject/1564170384083914752.jpeg」
选项
A.0.9099
B.0.9138
C.0.9655
D.0.9823
答案
A
解析
Answer: ATo obtain the d(1.0) discount factor, first solve for d(0.5), In the equation below, the price for Bond A is equated to its terminal cash flow in six months, which is the principal plus the semiannual coupon of $3.00.101.182 = 103.00 × d(0.5)d(0.5) = 0.9823Next use the price and cash flows of Bond B to calculate the d(l .0) discount factor. The cash flow in six months is the semiannual coupon of $6.00 and is discounted by d(0.5). The cash flow in one year is the principal plus the semiannual coupon of $6.00.102.341 = 6.00 × d(0.5) + 106.00 × d(1.0)102.341 = 6.00 × 0.9823 + 106.00 × d(1.0)d(1.0) = 0.9099要得到d(1.0)折现因子，首先求解d(0.5)，在下式中，债券A的价格等于其六个月的终端现金流，即本金加上每半年的息票$3.00。接下来用债券B的价格和现金流计算d(l .0)折现系数。六个月的现金流是半年票息6美元，以d(0.5)折现。一年的现金流是本金加上半年票息6美元。= 6.00×102.341×106.00 d (0.5) d(1.0) 102.341 = 6.00×106.00×0.9823 d(1.0)、(1.0)= 0.9099