24周年

财税实务 高薪就业 学历教育
APP下载
APP下载新用户扫码下载
立享专属优惠

安卓版本:8.7.30 苹果版本:8.7.30

开发者:北京正保会计科技有限公司

应用涉及权限:查看权限>

APP隐私政策:查看政策>

HD版本上线:点击下载>

"Corporate Finance":Examples of matrix pricing

来源: 正保会计网校 编辑:小鞠橘桔 2020/12/07 13:54:59 字体:

学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!

Questions 1:

Which of the following is most likely considered an example of matrix pricing when determining the cost of debt?

A、 Debt-rating approach only.

B、 Yield-to-maturity approach only.

C、 Both the yield-to-maturity and the debt-rating approaches.

Questions 2:

A company recently issued a 10-year, 6% semiannual coupon bond for $864. The bond has a maturity value of $1,000. If the marginal tax rate is 35%, the after-tax cost of debt (%) is closest to:

A、 3.9%.

B、 5.2%.

C、 2.6%.

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. The debt-rating approach is an example of matrix pricing. 

B is incorrect because the yield-to-maturity approach is not an example of matrix pricing. 

C is incorrect because the yield-to-maturity approach is not an example of matrix pricing.

【Answer to question 2】B

【analysis】

B is correct. The pre-tax cost of debt is the yield to maturity (YTM) of the bond. The bond’s YTM can be calculated by solving the following equation for i:

Corporate Finance:Examples of matrix pricing

Using a financial calculator, enter N = 20 (semiannual periods), w = –864, PMT = 30, and FV = 1,000. Compute I/YR. The six-month yield (or calculated I/YR) is 4%. The YTM is obtained by doubling the six-month yield to get 8%. Multiplying the pre-tax cost of debt by (1 – Tax rate) gives the result of 8 × (1 – 0.35) = 5.2%. 

A is incorrect. If the after-tax amount of the coupon rate is used, the result will be 0.06(1 – 0.35) = 3.9%. 

C is incorrect. If the after-tax cost for six-month yield is used, the result will be 0.04(1 – 0.35) = 2.6%.

成功=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。

点击了解更多CFA考试资讯>>


免费试听

特许金融分析师限时免费资料

  • CFA报考指南

    CFA报考指南

  • CFA考试大纲

    CFA考试大纲

  • CFA历年

    CFA历年

  • CFA学习计划

    CFA学习计划

  • CFA思维导图

    CFA思维导图

  • CFA备考建议

    CFA备考建议

回到顶部
折叠
网站地图

Copyright © 2000 - www.chinaacc.com All Rights Reserved. 北京正保会计科技有限公司 版权所有

京B2-20200959 京ICP备20012371号-7 出版物经营许可证 京公网安备 11010802044457号

报考小助理

备考问题
扫码问老师