资源描述：
《最新Chapter 2 answers教学教材.doc》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、__________________________________________________CHAPTER2PRICINGOFBONDSANSWERSTOQUESTIONSFORCHAPTER2(Questionsareinboldprintfollowedbyanswers.)1.Apensionfundmanagerinvests$10millioninadebtobligationthatpromisestopay7.3%peryearforfouryears.Whatisthefuturevalueofthe$10million?Todeterm
2、inethefuturevalueofanysumofmoneyinvestedtoday,wecanusethefuturevalueequation,whichis:Pn=P0(1+r)nwheren=numberofperiods,Pn=futurevaluenperiodsfromnow(indollars),P0=originalprincipal(indollars)andr=interestrateperperiod(indecimalform).Insertinginourvalues,wehave:P4=$10,000,000(1.073)4=
3、$10,000,000(1.325558466)=$13,255,584.66.2.Supposethatalifeinsurancecompanyhasguaranteedapaymentof$14milliontoapensionfund4.5yearsfromnow.Ifthelifeinsurancecompanyreceivesapremiumof$10.4millionfromthepensionfundandcaninvesttheentirepremiumfor4.5yearsatanannualinterestrateof6.25%,willi
4、thavesufficientfundsfromthisinvestmenttomeetthe$14millionobligation?Todeterminethefuturevalueofanysumofmoneyinvestedtoday,wecanusethefuturevalueequation,whichis:Pn=P0(1+r)nwheren=numberofperiods,Pn=futurevaluenperiodsfromnow(indollars),P0=originalprincipal(indollars)andr=interestrate
5、perperiod(indecimalform).Insertinginourvalues,wehave:P4.5=$10,400,000(1.0625)4.5=$10,400,000(1.313651676)=$13,661,977.43.Thus,itwillbeshort$13,661,977.43–$14,000,000=–$338,022.57.3.Answerthefollowingquestions.(a)Theportfoliomanagerofatax-exemptfundisconsideringinvesting$500,000inadeb
6、tinstrumentthatpaysanannualinterestrateof5.7%forfouryears.Attheendoffouryears,theportfoliomanagerplanstoreinvesttheproceedsforthreemoreyearsandexpectsthatforthethree-yearperiod,anannualinterestrateof7.2%canbeearned.Whatisthefuturevalueofthisinvestment?Attheendofyearfour,theportfoliom
7、anager’samountisgivenby:Pn=P0(1+r)n.Insertinginourvalues,wehaveP4=$500,000(1.057)4=$500,000(1.248245382)=$624,122.66.Inthreemoreyearsattheendofyearseven,themanageramountisgivenby:P7=P4(1+r)3.Insertinginourvalues,wehave:P7=$624,122.66(1.072)3=$624,122.66(1.231925248)=$768,872.47.(b)Su
8、pposethatthe
