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1、.WORD完美.格式编辑.CHAPTER2PRICINGOFBONDSCHAPTERSUMMARYThischapterwillfocusonthetimevalueofmoneyandhowtocalculatethepriceofabond.Whenpricingabonditisnecessarytoestimatetheexpectedcashflowsanddeterminetheappropriateyieldatwhichtodiscounttheexpectedcashflows.Amo
2、ngotheraspectsofabond,wewilllookatthereasonswhythepriceofabondchangesREVIEWOFTIMEVALUEOFMONEYMoneyhastimevaluebecauseoftheopportunitytoinvestitatsomeinterestrate.FutureValueThefuturevalueofanysumofmoneyinvestedtodayis:Pn=P0(1+r)nwheren=numberofperiods,Pn
3、=futurevaluenperiodsfromnow(indollars),P0=originalprincipal(indollars),r=interestrateperperiod(indecimalform),andtheexpression(1+r)nrepresentsthefuturevalueof$1investedtodayfornperiodsatacompoundingrateofr.Wheninterestispaidmorethanonetimeperyear,boththe
4、interestrateandthenumberofperiodsusedtocomputethefuturevaluemustbeadjustedasfollows:r=annualinterestrate/numberoftimesinterestpaidperyear,andn=numberoftimesinterestpaidperyeartimesnumberofyears.Thehigherfuturevaluewheninterestispaidsemiannually,asopposed
5、toannually,reflectsthegreateropportunityforreinvestingtheinterestpaid.FutureValueofanOrdinaryAnnuityWhenthesameamountofmoneyisinvestedperiodically,itisreferredtoasanannuity.Whenthefirstinvestmentoccursoneperiodfromnow,itisreferredtoasanordinaryannuity.Th
6、eequationforthefuturevalueofanordinaryannuityis:Pn=whereAistheamountoftheannuity(indollars)..技术资料.专业整理..WORD完美.格式编辑.ExampleofFutureValueofanOrdinaryAnnuityUsingAnnualInterest:IfA=$2,000,000,r=0.08,andn=15,thenPn=èP15==$2,000,000[27.152125]=$54,304.250.Be
7、cause15($2,000,000)=$30,000,000ofthisfuturevaluerepresentsthetotaldollaramountofannualinterestpaymentsmadebytheissuerandinvestedbytheportfoliomanager,thebalanceof$54,304,250–$30,000,000=$24,304,250istheinterestearnedbyreinvestingtheseannualinterestpaymen
8、ts.ExampleofFutureValueofanOrdinaryAnnuityUsingSemiannualInterest:Considerthesameexample,butnowweassumesemiannualinterestpayments.IfA=$2,000,000/2=$1,000,000,r=0.08/2=0.04,n=2(15)=30,thenPn=èP30===$1,000,000[56.085]=$56,08
