Bài tập Chương 2, 3
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EX1: As winner of a breakfast cereal competition, you can choose one of the following prizes:
a) $100,000 now.
b) $135,000 at the end of five years.
c) $500 a year forever.
d) $10,900 for each of 10 years.
e) $400 next year and increasing thereafter by 6.5% a year forever.
If the interest rate is 11.2%, which is the most valuable prize? Which option do you choose?
EX2: Mr. Huy is saving for his wedding. He expects to get married 3 years from now, at which time he wishes to have accumulated 250,000,000 VND in his account. If the interest rate is 9% per year, how much should he put in the bank at the end of each year in order to achieve the goal?
EX3: Suppose that you would like to borrow $25,000 to buy a new car. You can borrow at 7% per year, compounded quarterly. If you take a 4 year loan, what is your quarterly payment?
EX4: ABC issued a five-year bond one year ago with a coupon of 8% and the face value is $1,000. The bond pays interest semiannually. If the yield to maturity on this bond is 9%, what is the price of the bond?
EX5: A bond has a face value of $1,000, maturity is 6 years, coupon rate is 8.5% and yield to maturity is 6%.
a) Calculate the price of the bond.
b) Calculate the duration of the bond.
c) Calculate the modified duration of the bond. What does the modified duration imply?
d) What is the percentage change in bond price if the market yield rises to 9.5%? Calculate the bond price after the market yield increases.
EX6: A 10-year bond with a 5% coupon and a $1,000 par value is currently priced at $820. If the current market interest rate is 8%. Should you buy the bond? Why or why not?