《金融市場與金融機構(gòu)》米什金(第七版)課后習(xí)題答案

#■QuanlitativeProblemsWhsilwouldbeycurimnunlizedditicuiiTi[mle務(wù)nndouranLiuulizedinvetlnft?ntrate%oilthepiirvhaseofaIa2-tla\'TreasiLr>'billforS4.925ihiilpiiysA5.000almiilurily?SoluHon:[Jisc巧u11(Rale-U=%，"川54.罷些2-0.02967=2.967%S5h0U0I@2TnvtstmcntRateU-邑空二?聖竺*些=00粥韶=3.054TOC\o"1-5"\h\z$4f925182Whjitistheannnalizediliscaiiiitrate懾amiytnu『annuali^edinvestmentrale馮on題Treasuryhillrhrttyoupurchasefor$9,940thatwillmaturein91daysfor$10,00(1?U10,OLK)91TnI,$I'XOOO-$9.Q4^365仆Tnvt&tincntRule-U-k-0.02421=2421%S(j.94O91Ifyouwan|(<)eyman；]nnutilizeddisenumrare訂f3笛％,wh；nisfhtmustpmcan卩aytiru91Treasujybil]thatpays$5,000atmatmiiy?Solution：板O〔)"汎辿￡=.o節(jié)$5h000-=44.24(I(K)91Whiil'.stheannualiseddiscuunlraler>andinvesliuenlnite筲ona丁neasurybillthatyoupurchasebrS9h<XK)thatwillmaturein91daysfoTSItW)L^Sulu^..:Di畑耐映U=“叭唄-陰叫型“刪如詐魄SJOJO)91lnveslnientRateU=衣=0.C4O52=斗、052%S9.90091ThepriceufIS2-<hycvinincrci.iilpaperih57.840.IfflcanriOLtlizcdinvcfihncnrr；itcis4,093%,whutwill(heptiperpaya\marurity?Solution:LetZ?=whatwillbepaidatmaurityl価一$7.840)/^7,840)]x估時門S2)=0,04093[(S-$7,S4O}^-&40)]a2,0055=0,04093(R—硏*8^40}X2.0055=J20.89B-$7,84O-J=160￡=$8000Huwmuch*ouklyou陰yfuraTruusuTybillihiilmjturu''in132dhysund卩Eiyn$10,000i『ycurequireaI.S%discountrate?Solution:LetC=Whatyouwouldpay[($10,000-C))K$10T000)]X(360/182>=OUS[(S10,000一C}AS1a000)1k1.978=0.01S[{$10,000-CJ]^0013x510,000+1Q7S$mooo-c=9i1、Thepneeoi'fuccvaluecummcrcialpupcTisS7h93OL1ftheunniiiilizccldiscountrateis4%.whenwilllhep；Lperinalure?li'ihe:innuali/etiinveslmentrule踴is4%nuhenwilllhepaperirnlune?SftluHim:Ijet;V=when(hepiipermatures[($^000-57,930)/38.000)]?13&0/^]=0.04(570/58.000)X1:360/^)=0.0+

($000815)x(3601V)=004.(360/Af)=0.04x(lfSO.OOK75)(360/V)-4,571+29A/-=785S=TodaysInvestmentRatD：[<MIMMI-V.930)/(V.930)1X(^65/=U,D+(S70/$7h950)<(365fM}=0,tH(365/^0-0,0+x(1/0.008827)^65/A=4.53155N=80.55=81daysHuwHindiwuuklyoupayfurnTrc;isuiybillihulmature、inoneyearandpuys$10,000ifyourequirei\H囁tli>icnLlntrale?SoLudun:LetC=Whatyouwouldpay[$IUOOO-C)/(S10.000)]x(360/182)=0.03[{$10,000-Q/(S10,000)]=0^3x(!82/360)$1(X000-0⑸厲C=59.84833ThfannualizDddiHCOLintrate<inapjnicularimmeymarktlinstrumentis3.75%.TheThfannualizDddiHCOLintrate<inapjnicularimmeymarktlinstrumentis3.75%.Thefacevaluek5200,000undiiinaturesin51duyis.Whiiti$iisprice11Whatw<jul.dbethiprice汗ithtid7Hdijystomaturity?Solution;L4；fB=thepricewith5Idu)stumaturhy[($200,000-5)/($20(\000)]k(360/51)=O.OG75[(S200.000-3鞏360￡1!二0,0075x$2OO,000(S200.000-B\>(160/5]j=$7h500(i200t000-if)-$7,500x(51/360)$200,000-fl=$1,062.5￡=$1MW5[f71daystomaturitythen￡f=$198^520.83Thediuiualizjcdyieldh3%ftiT91-duytcriuiicrciLilpapci'and15%ft”182TdayscuiiimciLialpaper.Whtithiheexpilled91-dayconiiicr^iLilpaperrate91dnysWymnow?$H)liiiiun:LrlA=Lheexpected那Iduyraltj01<layiireirnowA^umeLhaltheIS2dayrateistheaverageofthecurrent91dayraleandtheexpected91dayrate.(34>1)/2=3.53-仁4InaTrcasinyuuctionufS2,lbillionparvuluc勺1-dayT-biUa,thefulluwingbidhwen:submittc止RidderBidAmountPrice1$500million$0.99402$750million$0.99013$1一疔billion$0.99254$1billion$0.99S6i$600million制.99刈IftuilytlLexccuinpelilivebid^arcreceived,wlmwillnecciiverr-bi]h5inwhatquaiLilly5andalwhalprice?Ridd^re.I4nndSwi11rprpivpT-hilllcinthprfWPdH并11ntQ'tJIAIftheTreasuryalsoreceivedS750nullicninnon-ccmpetitivcbids*willreceiveT-bills,inwhat屮id]ililyhandJtwhatprice?Snlntion:Al]cinnpctitivcarcacceptedalthehighestyieldpuidtoccmpctitivcbids.丁huz*all$750millionwillhe;iccep(edat.9936.第十二章債券市場■AnswerstoEnd-of-ChapterQuestionsInvestorsusecapiltilmarketsforlang-terminvestmentpurposes.Theyusemoneymarkcls.whichlijvcloweryields,piimtirilyforlcmporar>'ortransaclioipuiposcs.TIkprimary匚apita]m;irk<(securitiesarcslocksandbends.Mo^lor'thesejrcpiiithascdandownedbyhouseholds.Tlicpiimaryinirkclisi'orsccuritiesbeingissuedlorlheveryfirallime.andtheissuerlieccivcsncinndspnidFetrthesccuriiy.Thescconchiymurketisloi-sccuriiic^ihalhavebeenissuedpreviouslybul.arcbci：igtradedMinonginvestors.IheparvalueisLhe21eljuj1Ntheissuerx'-illpayLheholderwhenthebonilmalurrs.Thectnipuniiilcirilraleisnuilliplicdlimestheparvalueli>dclcrmiiiill>cinlcKSLpaymentlheissuermustmateeachycm'.Themaluritychiciswhentheissuermusipaylheholderlhepurvalue.TreasurybillsmalureinlessthanI>'car,Trcasmynotesmalurein1lo10ycai's,andTrcasuiybondsmaiurcin10ui30ycai^PTherisk(ha(atjond?spricewillchangeduetochangesinmarkclinterestralc!jiscallinlcncslralensk.AgenciesIhaiissuesucurilic^includeGinnicMjc(furmcrlyihcCiDvcrmiicnlM^L()iialMortgageAsst>ciiilk)n)sLheFederalHousingAdiTiiii]sl]'ddi'；m5lheVclcransAdmi[iislra[L[}i^lheFederalNtilkmalMortgageAssociation,andtbcStudentLoanMarketingAssociation.ThefirstfourfundmoitgagekwnsjikItheIasiFundscollegesludcntkuns.Firni!jlikehavingihcLcKitnlilytcad.ju乩theircapitalsmuciiircbypayingolidcblihcytiq'on^crnccil.KneyalsoneedmpayoiTdebiLt>removeicstriciivcc□vcnLints.Callprov:iMi)ii￡pcrmiltnjLhtheseatlionsaltheissuer^discretion.AsizikingI'uiulcuiiliiinsfundsasiilebytheissueroi'abunilLupaylorthercdcinplionofLhebondwhenitEnatiircs.Becauseasinkingfundincreasesthelikdilioodlhatafirmwillhavethefundsldpuyo(flhcbondsasrequired,invc^erslikelheIcalure..Asaresullinicrcsiratesarc]qwc「onsecuritieswithsinldngfunds.IO-]'hclist(?flurmsofabendisknownlheindcaLLirt:.11,Capitalmarkclsecuritiesmaybesoldinapublicolfcringorinyprivateplacement,Inu卩uttlitnfkrin雷invcMnicnLbuinkcrsrcgisicrthescc：uriL￥withLheSECantimarkciitthroughanetworkufbrokeragehouses,(napoiv；iicplacememTtheFinnornninvcsliincnlbankersells[]icseenrilieslomverylimiiednumberolinvestcr&Hwhoeachbuyjlargequantity.■QuantitativeProblemsAbvndi'ays^80pej'ycafinjulujvsi(8%tehpiJ1heUu?dIie5yearsli<jfoteii“側(cè)lureslawhithLimeiix^iillpu\AssuiningatliscnuniralenfII〕％*whmjJlouIUhethepriceofthebond(ReviewChapter3)?Solution:$924.IB4zerocouponboiuihasapjrv^lueof$1()00:ui<1tinin2(}ye:us.Invcstor<ircqiiin?；：i10%annualrclumonIhcscbunds.Forwhutpriceshouldthebondsell](nalc,t.ctqecu卩qiibondsdonotpaymnyinieiesij(ReviewChapicr3)?Solution:S148.MJ.Consiiicrlhetwobejidsdcsciibedbelow:Bernd.ABi^hd13X-lalLirity15yrs20yrsCouponRaleIII%ft%-(Paidsemianrrnally)ParVaJucJLOK)S1.000Iibolhbondshadurequiredreturnof8%.wlulwouldlhebonds*pricesbe?Ucfitinbcwhatiimeansilnbond$elhmn山scounpaprcjii]LimhimduL\\mtaucLimciiinL(p;irvalue).Arelhe號Iwobondssellingaf*dixcauml.premium,orp:ir?Iitherequirednelumunlhetwobondsroselo】0%?whatwouldthebonds'pricesbe'1Solution：BundA=$1.172.92BondB=S8O2.O7h.AisSelling,ulupremiumBondBiisellingatudiscountcBmidA=$1,000BendB=$656.824A2-yciir11.000parzer^-couponbondiscuircnllypriccdal$819.00.A2-yaw.f1,000annuityiscurrencypricedjiS1..712,52rli^'cuwynt(oinvcslSIOXWinonenf[heIwqsccuriii.es,whichi\abetterbuy?Youcana^surnuitlhepurecxpcclaiannslheoryoFimtcresiraic^ht.j|dsTncilhcrbondhasanydefaultrisk.maturitypremium,orlit]uidilypremiunn.andyoucanpurchaseptirtialbonds.Solution：WithPl=糯19,FI'=PA/F=0andA^=theyieldloltuiuriiyontheiwo-ycarzero-couponbondsiu10.5%foitheiwu-ycsirannuities,PF=$1.「12.32,PMT=0,FV=$2^000andA'=1givesayieldlomatui'ityofS.07%LThezcna-L-LHiponl>otidsarcthebelterbuy.

5.Considertherollowingcashflows.Al]maj'ketintcwsiratesarc121%.Yeara12J4CashFlow160170180230a.Whal卩ricewouldyoupayforUk紀(jì)cashflows?Whattotalwealthdoyouex卩cxlafter2的yc^ifyouselll.hurightslothercmiiiningcashflows?AssumeinlcrcMruilu^rurniiinconstantbaWh^ilis.IhuduniLLimo『Ihcsecashflcrw盤？c?Immeciiaudyafterbuyingthesetashfk)ws.Fall】marketinlcreslratesdroplo11%.Whatistheimpjclonyourtotalwealthafter23/2ycani?Solution：IVkc==+=+亠二+==IVkc==+=+亠二+==552.67]J21」，1」卩],I24IVfl11(}ExpectedWealth=160x(1.12P+170x(1.12)'-^-十=$733.59s—s—他暨啟袪552.fi72.5(}230c.ExpectedWealth=160x{l.Il/F+170x(1-11)-+77y7+7777T=1t7JJ'74SinceyenLireholdingthecashHowsFor(heirdui-ylion,youarcc^scniiullyinimuni/tdfromimprestrateth爼Ages(in[hissiiLip^sEicCRaiUpleJ.6-Th「yieldonncorporatebendig10囁“ndiliscurrentlycelling：Upar.ThemargiTiMltaxrale右10%AparvHlienuinicipdbondwithicouponraleof8.50%isLivmi：ab.lc.Whichsecurityisjbelterbuy?Solntiuit:Theequivalenttax-freerale=lax^blcinterestralex(1-marginaltaxrale).Inthisease,0-10x(]-Q.20)=8%.ThetcrpuialtIkhiJoffersalowtcciftET-taxyiddgiventhemarginalidxrate,sodie:nmnicipylbondis□bcllcrbuy.ffllieintinicipalbondrateis斗,25隔andlhecorporatebondrateis6.25%.wliatisdiemargiruiltaxraleH^^mningiiive^ciriniicimLi.nbrcirtbclwccnthe[webunds?Sulufiuti:Theequivalentlax-firerale=luxablciiilcrcstratexd-Diar^LiialLlixrale).Inuhiscase.m)425=0.0S25x(l-nnrV=艾貓.8-Iru-.hitsan!?(^n<Iingc^ivertihlcbontl.Thebondcanbeccmvcrlctlinto20sh?ircsofccninusncqnily(cumcnllyinnLingal552/shajr|.Thebendhj$5yearsufrciruiEiin*lntiluiriLy*爼SI.()00parvalue,and6%annua]coupon.M&E\sLrflightdebtiscumciillytradin』loyield5%.Whatislhen'iniiinuniipriceoF|hcbnndl?Sulufiuti:Thepricemustexceedthestraightbondvalueorthevalueofconversion(you怙illgeewhjinthe:kxiqucslicin).(fconvened,lhedebtiuworth152K20-$lh040.AssLimrigj5%Yl'Migcometlhthepricet?fglruighldebtiscumpulucL」￡：PMT二6U:\=5;FF=IO0U;1=5CnnipulcPV-.FF二IJU32.9Thebondmustbetradingforalleast1,043.29.

AfisuniL：IhcdcbLinLheprcviiMisqucKlk)niiiradingul]^035，.Howcanyouearn3.risk上貼proillJniiTichiasHuation(arbitrage)?Solution:b.Parchasaconverti'^'cbondb.Parchasaconverti'^'cbond~is~c.ComcrllirebondloskircsLanduse1L0chscshortposition.Xs^mviinglhewiransadioiisarccomplelcdsinnult^nwiisly,yenmEikciinskle&sprofilof$5^Typicilly,smallinvestorscuiitioishorlstockandhaveuseoftheproceeds—hebrokerretains:llkcollulcr^l.Sd,ihisdocsn'lciuiicwork,ButthenleaiscorrectrAlO-ycn'.1,000pai'valuebondwith15%annual<0叩亦isiradngtoyield&%.Wliafisthecunenlyicldd-Soludo11；Thecurrenlpriceul"thebandiscomptiledu、ibllows:PMT=50;N=W;FV=1000；/=6OomputcPV\PF=926.40Thccumcnityield=5W926,4()=￡4保A$1,U00part*ondwithailHiniLiaJcouponhasonlyIyearuntilmalurily.Ilscurrentyieldis6.713%andityield10maturityis10%.Wbalisthepricenfthebond?Solution：y.Cl=O.W7L3=Coupon/Piice^orCoupon=0.06713xPricebPrice=(Coupon+1UOOV1」(XSubstilulingfrcnn(1)1,ftice=(CL06713xPrice+1000)/110SolveforPrice,Price=$96S.I7】2.AI-ycyrdisewn|bondwithmfacevalue(4$1,000was卩urthasedfor$900,Whatis(heyieldlomaturity?Wha(L$(beyieldonadisciiunLbasis?SoluHoii:900=lOtXKd+YTM).orYTM=]\A\^:YDB=(1000-WVIOODx(3607365)=986^13，A7-ycar,$]*000parbondhu$an8嗚annualcouponandiscuirenilyyielding7^5%.Thetx)ndcanbecalledin2yearsatacallpriceofSi,010,Whalisthebondyielding,assuminsitwillbecalled(knciwnas|h<yieldtocull)?Soludoih：Thecurrentpriceufdiehandisconipiucilasfollows:?A/71=B0;A'=7;FF=l000：1=7.5ComputePF;PV=1,02648Usingthis,theyieldlucallisculculilodnsfollows:PUT=80;A'=2;FF=10IO;PV=1,0264SComputeI\1=7.018%A20-ycaip$1,000parvaluebondhasa7%annualcoupon.ThebondiscallahleaftertheIOlhyearforiitallpremiumol$1,025.FFlhcbondistradingwithayieldiocallcf6,25^,lhebcnd>yicldtomaturityiswhai?Solution:Tliecuircmpri匚uoflhebondis匚omputedusingtheyield10cn'l?sfollows：PMT^70;.V=10;FV=1025;/=5.25ComputePV\PV=1,068.19Usingihig,theyieldbomahirilyiscalculatedasfollows:PMT^=70;，V=20;FK=LOGO;PV=1.06S.l^Computef=b39%AlU-yuarparvaluebtniJhasa9%semi-annualmu卩cntinil口rLominalyieldi(;mdlLniyo『8.8%.Whaiisthepriceofthebond?Solution；Thepriceofthebondiscomputedasfollows;PMT^45冷=20;FV=1000;F=ComputeFV\FV=1,013.12IffYourcompunyt)wnsLhefnlltmingbonds：BondMarketValueThirMionASI3million2B$18million4CS20million3ITgeneralimerestralesrisefrom8%to8.5%,whatktheapproximatechangeLnthevalueofthenoiiffi-iti?^ulutlotiiFnrLfoloodurMion=Zx(IV51J+4xIK/^I>+3x(也諂］)二王佃AValue=-DuraiionX(Ai/(I+0)xOriginalValueAValue=-3.04xOS)xS51million=$729,563第十三章股票市場■AnswerstoEnd-of-ChapterQuestionsThuvulucnfunyiyIhepresentvalueofillsfuturecashflows.ThevalueofabondlheP￥uJ'theinicrestxpaymenisplusthe尸F(xiàn)oi'lhefinalpayincni.StocksarcvuluedthesamewayPThepricei<thePVof\hccashllows(huij^tockisb卩cclcd⑺gcnci^tc(bi-theinvestor.Thereluctwocashi'lowsfromslock,periodicdivi(lcndstandjfuturesalesprice.Dividendsarcfrequentlycl^iigcsdwhenfirmearningscitherriseorfall.TheliilurcsjIcspriceisulsodiHicullloestimate,sinceii;He卩endson(hedivider'sIhalwillbe卩曲<1刮somed^lcevenfailherinihciiiluncrBondCEishHowsUseconsisloftwopails,periodiciiilereslpaymentsandah：i曲nialujilypayni亡hlThesepiymcnls?ire<slab]isliedinwritingmthelimelhebonds茁reissuedandcannotbechangedwiihoutlheRrmdcfaullingandbeingjjubjcclIobankruptcy,Steckpriceslend(obemoncvolalilc,sincetheircashflowsarcmoresubjectLochuiigc.J.Organ]cxclijngefifmvua卩l(xiāng)iysica]buildingwherebusine^isconducljedThtygenerallyhaveuigoverningbouidihatcstablislicsiul<sfbrbinding.Theorganizedcxchtingestendtohavelai^ci'firmslistedonthemthantradeoverthecountei-4NASDAQisacompilernetwork(h<nallowstraderstomonhod'叩。匚kslr<i(Jcdontheover-1lie-counterfnarkel.IlprevidescurrentbidandaukpricescmnbniiL4UUUaclivulytradedsccuriLics.Slocksdoncimalure,denoipay耳fixedamounievcr>rperiod,,andoftengiveholderstherighi(0voteimmanage]Licnli'isucs.Alleast7oilhe30firmsareinvolvedinhigh-technology卩roducisorservices.ThishasincreasedlhevmlatililyuflheDowindexinrcccmyearsjsthesefirmswereudded.■QuantitativeProblemsEbay,Inc.wentpublicinSeptemberol'1998.Ttiefollowingillformation01)sharesoutstandingwaslistedinlhellnalpruspcclu^iiludwiihLheSEC1.InlheIPO.lheEbayissued工500.000newshurcs.TheirulialpricelolhepublicwasIt18.00pershare.ThefinalGn?l-d:iyclosingpiiccwasS44.88.].IllhcinvestmentbunkersrclaincdSi.2ftpershare21sfucshwhalzlhenciproceedslc)Ebay'?Wfmtwasthemarket勒apihliicationofnewsharesofEbay?SulptUn：NetProceedstoEbay=(18+00-1,26)x3^00,000=$58^90,00000MarketOp=44.8Sx3,500JXX)=I頁080.000Twoconmoiislali^Uicsin1FU&ireuitclerpneingmoireleit■:nttftetable,lludcrpricinpisdefinedmperecritigcchun^ebclwecjiIhecff?nngpritcandthefirstikyclosingprice.:MoneybhonIhetableisihediff^fenccbetweenthefirstdaycosingpriceund(tieoiTeiingprice,multipliedby(henumberofi^hiircs□Tfci'cd.CakulalcdIheuraderpricLngandmancyleftonthe(ableforEbay.Whalduestlii>sii^g&s[cibauiiIlccrticiLikyufdieIPOprocc^?Solution：Lntklpricin6-((++.8B-ItUX)卩陽.00〕?149駛佻MTX1T=(44.88-IK.m)x3.5OOXMW1=S04.080,(KWTHeshciiusol'Mishcak,Idc.arcexpectediogeneratedll)eio：lowingpossiblerciurnsovtrlhencxl12motfiths:ReturnProbabiliihr一鴻0.25曲0.3(]15%IE15Zj%0.1()[fDieismi'ruilllyIrLidiiig.al.$2^?st]archn:iUibLitepi'iucklunuxuai'.A^Siulit:LhalJtcslockpaysnodivhlends.SoluJvii：Tin：eN|jL：ckairauinever(lienc^i12nujiiih^]$uikidiHcdus：-O.OSkD.Hl-0.05xti.25+0.10x0.30+015x0.25-k0>5xO.IO=0.10Ibissuggcslsthaitheexpectedpriceis$2JX(I!■?)=527.504SupposeSoftPeople,Irc.issellingat$19.00andcurrentlypaysanannualdividendof$0.65persham：.AnaJysliipitrjcclLhaL[heslockillbupricedarauiuL$23.0()murtcyear.WhatisLheCKpcclLrtlrciuni?Solutiuii:F.pCCt?irerun.=23-°0+065-，9W=24,47%19.005.SupposeMicrosoft,Inc.wastradingalS27.29pershai'c.Atlhalliinc,Ilpays^nainiiuldividendof$032pershaiic,jnJanMysuhaveseiaI-ycui'laigctpricearound$3330pershare.Whulisthe卩cclclrulurnonLhissluck?SoluNon:1330+032一2729歐卩唧口1世血01—…打認#0.2323.2%.27.296-LaserAceiswilingal$22.00pershare.Themostrecentannualdividendpaidwas$0.80,Usin?theGordonGrowllimode],iflhemarketrequiresardurnol11%.whatisllieexpecteddividendgrowtli■alelorLascrAccr?Solution：°］壯吩⑴；佔O.I2-OO5O.I2-OO57.I[u^kicM'olor1sju引paidanannujldividendofS1.00pci'shaiic,Managemen(pnimisedshtirchoIdel'sloinci-cascdividendsaconsumratenF5%.Tf(lierequiredreLumis12%,whatislhecufitnlpricepci-(iharclSolution:2?2^2?2^O32(l+h(?rk,.=K)2%.苦.SupposeMicrosoIt.Inc.istradingal527.29pershanc.It卩iiysanynnualdividendci'$032pershare,whitli扭chubIcitslastyearhsdiviilcndofSO.16pershurc.IfiliustrendisespcclcdLoconumiCxwtialisIherequiredrriuE“nMicrosofl?Solution:Q〔l+刃Q〔l+刃l(wèi).WKLOO)=SI()WThigseeingibilhigh.Perhapsinvestorsilttn11believethis[rendwillcontinuefarever,erih:i$i$n'Lthecorrccl^..ilnationmodelforMiurosoi'l!Gortkrn&cCo?ssloekhasjmslptiiditsdimualdividcud$L10pershare.AnalyslsbelievethulGordcnwilliDaifilainiislusloricJividendgrtiwlhrale(if3%.[flheruquiredrcluin沁轉(zhuǎn)尿，whuli￡theexpcclu5prkeofiIksunkikmyeai?Suludoti:k-p0.0S-0.03MutroSyslcnisjuslpuiilanEinnualtliviLlendof$0.32pershare.ItsJivklcndigexpeeledludoubleforlhenc?itfouryears(Dthrough比hafterwhichi|willgrowtitamoreinode”1paccoi1%peryear,ntherequiredreturnis13%.whali\thecunenipiite?Sulufivn:仝+竺+迥+竺*和如十M1.13LI攀1」即IIV0.IJ-U.01Nul-T-CatIndusiricsjuslwentpublicAsagcowin^firm.ilisnotcstpcctodlapayadividendforlhefirstfiveycai's.Afterlhat.investorsexpectNal-PT-CatlopayailannualdividendSI.00persh；uc(i.c..D?d1.00),withnogrowihTFHurcqi-i.rcdreturnis10%,whatisLh<<uiTcnlslockpiicc'^Solution:

12PAnalystsarcprojcclingthatCRRuilway^willhavecamin^s卩ershareo「1*3,911,TFtheaverageiiulustryratioisabout25.whatisthecurrentpriceofCBRailways?Soluriun：Pimc=3.9Ox25=S975OSuppissuMiicriis0l\[He.cariiingHper^hatcaA^uild$1).75.IfMicrusullisleian]：uluslrywi：h罰ralii>rangingCmm504(1,whai訟areasonablepicerangefiirMicrtKofr1Sululion;MkTosprrspriceshouldbebetween$0.75X30toW-75x40,orS22.5OtcS30-00.ConsictcrthehiIIo訕ngsccujiiyinrormiilioinfor4sccuiiti<smakingupunindex:SeuvrityPrk€SharesOutstmidinKtime=0time=11苦1320iriihon2222550million3353U120million4505575millionWhalisihcchtiiigeinthevalueufdieindcKfiromLime=Ulolime=Iil'ilicindexiscalculatedusingavalue-weighteddiilhmclicmean?Siulu[i<hli:Pct0value--WeijjhiedurilhmrhciTi^an.thechmi糾ifdlciilulcdukLbL?wi：Firtl,Ibemarketvidlucatlime-0iscalculatedis：SecurityPriwOutstMndinjfVIarketValuetime*0time■11HIS20millinrt%16()2222550milliud$].im33530120million￡4,1004505575mgllitjn89,210Thech:m^ci<ihenriil^'iilalcdeis:ICO25-12IKK)JU-5542W需一刃3'5O'八心”921()22921035931(15()92]0_ThlIck,=Index,,x1.002715.Anindexhadandverage(^uumcliic|nieuiireturnover20ycuisIl'ilicbegi.iiu.iginikxvaluewjs100、wliulwasibcFin*]inJexvulucuflcr20yc;trs?Solution:Theutlualreturnovenht20years(1.03^861廣=2.143625So,Lhefinalindexvalueis214.3625Compulc[hepriceul'』shurcni'slockLhalpuysaSIperyeardividendandihulyouexpectlabejblehisd]inoneycai^for.f20.assumingyourequirea15%return.Sftlutloti:Sl/(1+0.51)+520/(1+0.15)=318.26Tlieprojectedcin'ziingspersharefarRiskyVcnLiircs.[11c.is$3.50.TheaveragePErtiliolarlheindusliycomposedtifRiskyVenturescloscslcompetitorsis21.AftercarefulanijlysisL>l>udcciilcthatRiskyVenlnncEis&Iidlemorerigkyihunavciugehyendecide?PEratioof23belterrofleetsthemarked$perceptionoflheHrm.Estimatelhecurrentpricecilhe.Firni'sslock.Solntion;23x$3r5=$8D.50.第十四章抵押貸款市場■AnswerstoEnd-of-ChapterOueetions].Securitiesintheinortgagcmarket5arccoMcilenlizedbyrealestate.BalhMinhmrKrequireihiilafina][uyinenlbelopttyoPfLhtreinaini:唱|jrinci|iu]buldiK'^.Amortizingloansarcstructuredsothutequalmonthlypaymentsarcmadesuchthatlhetotalof'allpaymentscoverbothinterestandprineipaloverdielifetimeoftheloan.LheglobulniEirkcl:orIuunsresultsincompelillonthatkeep^theruteslaw,門iscdiLMiwpints[Hiidwhrn:ilc?niriniridlodTC^ultiniirctluccJiulmcsiutc.IfilirbornjwciplanshiholdonIt?Lholoanlongcnou^litorthevalueotthereducedinterestratetoexceedtheup-trontcostofthepoints,itisagotxiideatoelecitopaythem.Alien￡upubliclyrecordedchimon□pieceofrealproperlylhalHubbeenpledgieduscoJluLerakMnrt^awelendersfileliens,[osecureloam.ClThedownpaymenlmeansthalifIhebonnwerchoosesnotninkepuymenlsonlhelonnTthetjon'owerwillsuffersomeSnandulloss.ThisinaneasesthelikelihoodthattheborrowErwillconlinuetomakelhepromisedpayments.7.Lend亡i、mayreijniiepriva.temortgagehisurance.乩MctlmoilgagelonnsaretoldtogovemmenlagenciesrTtieseagencies亡g他blighcriceriulorwhichloanslhe>wiIIacc&pl.TrlheLoansdonotmeetthesecriieri^dieinitiatingh^nkcannotsellthem.TheVeteransAdmiiHslrationtindtheFeilerLilHoldingAdministralionguaranteelendersugainsllusstsfromluuni.injuredbyiticiirConvcntiociallcunsJutiolhive(hiis^uaLanltc.sothelenderusuallyrequiresprivatelmorlga^einsurance.Theloiini5iinddjusiEibljc-iTitcmoilgagconwhichtheititcrestlaicissetat2peruentagepointsabove[heprevail；ngTreasurybillrule.Theimerestrulecanincreaseoi_decreasenomoreIhun戈蛍inoneyearandnumurellian6%overiislife.The^oaloflhegriidLiaied-payiinentloanloleithebomiwerqualifybynedneingthelirslfewyears'payments,whereasthezoalofLhcgrowing-equityloani$toletlhebtrnewerpayoffearly.I2PTlieIRSdlnwslieim亡resi卩如；1nnPiixiatxlseumdniangiigeloanxtobedeductedfiumincomebeforecomputingtheamountoftaxesdue.ThistaxshieldlowersthecilcctLYerateofimerestontheiTinrrffacFeRThebjnkacceptsthehomeassecurityundudvanccsmoneyeachmonth.Whenthebormwerdicshtheborrower'sCJitmcsellsthepropertytoretirethedebt.Amortgiigc-buckedtjccuriiyisonewhichhdsilp^oJofrnuTlga^cspledgeduscutlateral.15-Thepayinentsonupwlofmortgage-sjaresentbythetwfrewerstoalrusteeTwhoth?^ipassesthepaymentsrhranghreholdersofs?curiii?(hitarcbackedbythep^ss-thrcugli.■QuantitativeProblems1.ComputeItitrcquirtdiiidiiLillypHymtnlontifiAt:d-ra(emurlgagcwilh牲nuiiiinalinteresitai巳erf5.80%,Howmuchdihe「jyrnrnitowardpriidpulandinterestduringtheGrslycai'"?Soluti4n:Th*imnthlymartgagcpaytnenrkcompufcdas：N=36().f=5.8/121FV=BOJXX);MCompute冊八沏T=$妙40TheaiTLCiHzulKinscheduleiiasfollnwn:Computelh€facevalueofa30-year,fixed-rateniortgugeComputelh€facevalueofa30-year,fixed-rateniortgugewithamonthlypaymentof$1.1(X).u^suinLiig

anominalinterestmtccf9%.Ifthemortgugcrequires5%lIcwil,whatisinajuinmnhouseprice?SfJvtuhn:ThePVtlClhepaymentit:A'=36?;2=9/12;PV=1100；FT=QComputePV\P￥=136.710Ihemaximumhousepriceis1前「l(M)朋=^143,905王Cnnsideia30-year+flseii-nitemorlgiigefor$1(XJ^KX)alanominalruteot'1)%.HthebaarowerwantstopayofftheccmaiDingbalanceonthemortgageaftermakingttic12：hpayment^whatistherernuiningbahnetunlhemortgage?Solutlnn:Themonthlyninrtja^epuymentisccmputedlist.:V=360;Z=9/I2;PV^100T000;FF“ComputeP.UT；P^T-^8(14^2TheJimjjiizaiiocis^hedultisanfoOcwsiBe^inninj;InterestPrincipiiLEndingM?hthBahhevPaymentPaidPaidBalanw1S80t(MXJW$+69.40S38t>.67SH2.74$79鄧.箔2$79,91726$+69.4CS385.27SH^.14579,854.133S'79^4.13$+69.4C$385.86s83.54$7對50.陰斗$79,750.59$+69.4CS385.46sS3.94$79価百.655$79,666.65$469.4(1$385.06s8435S79,5S2.3(I6$79.582JCS4佩較S3K4￡5sS4.75$79*492557$79.497.55S4佩4nS3K424s5i79J12.3aSmj-S46(J.4nS383^3s&558CTJ26.K19$4阿46S3S34Is&S.99^79,24(1.^2K)的9*240.82S4阿3S陰<X>sS6.4I!E79J54.4111S79J5441S4694(1S3S2.38s86.82$79,067.5912S79.067.59S砂411$382.16$87.24$78,98(135Inta]甌丘328311.019.65MimihBcsinniJisPayment[ntcr^stP?idPrincipalPuidEndingBulunceI$100,000.00$804.魚M50.00$54.63梓溝円的.胡2S99,945.3ii$749.59$55.03S99,K90.353S99,的圧菇^fU.62$749.IS$55.44￡99岀34914S9933451$804.住S74H.76$55.86SW,779.055S99579.05$804血$?畑4S.56.2S$99.722+776￡99,72277S804l62$747.92$5670sw^.ov7$99,666.07S804.62P47.5QJ57.12妙砂8*95gS99,608,95S8O4.fi2!H747,07$57.55SW,55J,?*S99,55101^bU4.62$740.M$57.ysSW,4.93,4110S99,49^4JS804.62^746.20!|>5S.42$99,4-34.9911S9M34,99$804.(52$745.76S5B.S676」312S99,37613$804血H745J2SW,?16.84Jitsraftermaking〔h*I2rhpaymenr,(heborrowermusrpayS99,317topayoff(heloan.Considera3D-yenr.Hxed-rateincrlgagefor$I(IfVWaranominaln忙i>f勺那.IfthehormwerpaysuhadditionalS100witheachpaynicm,howfastwillthemortgagepiytrfl?SdutioHiThePtionthlymottgugcpuymintiseomputidas；,v=iso；pv=im.(xxhComputePMT;$K(]4.<,2ThebonnwerissendinginS9O4.62eachmonih.Todeienninewhentheleanwillberetired：mr=904.62;7=9/12;PV=HOODOO：F30Compim：jV;jV=237.orEifler19.75years,(；onsidei'a：l()-yeiii\fixed-fiilennulgigefiirilOfMXX)maikmiiialraleM5%.AS&Li咼uesthismortgageonAprilIandrebins(hemortgageinitsportfolio.HoweverbyApril2,mortgagerateshaveincieascdtoa9.59fenomina]rat;.Byhowmuchha>(hevalueoftheinong^gctiillcn?SoLuLliul:ThrmanthlypayineEiliscumpuledas:360;/-9/I2;PV=LOUXWO;FF"Compute^/l/T=$K(J4.62Ina9,5%-rn；iTl<L：t,ihcmortgagelkwarth：A'=360;/=9.5/12:PMT=Sii(]4.62;?V=0Compute?r=S95f6f)l.lOThevulue°「themurtgag￡hasfallenbyuboul$4,鼻00±or4.3%-ft.匸門陽idera31i-year,fi譲eti-mternert紹眾foranomiiuIrateof9%.Whjrintheduralinnoiihuloan?UinicivsirillesincreaseicirTiinwliiUcLyafterlhemoriguKc訶mack,howmurhislheleanWurlhlutheIccldcT?S?lutii)ii;TlieJimiiltilyiiiQrt^dgrpj}itlciiLihccanpiledhs:V-S60;/-Q/12:?F-100,000:Fr-0Compute?r；$?t)4.62TheJurationciilculaLionistxawl]、thesame陽thosedcncinpreviousuhaplcis.However,thereurc360puymentstoconsider^Usingu.liprcacbihccLpiicksigc,thedunilici-itanbecakulaledas1OEmonlhshorroughly9ye;irs.AT=-Dutaciunx—x71=-9x怛土x100,000=一$￡I邛I+jLO?Fromtheinterestratechange,thevalueofthemontageh抻droppedbyever4.1卡.7.Considera5-yearballoonloanfijr$100,000.Thebunkrequires4mouthly|jjymemct[uali(jil\aioln30-ycarfiKed-rsiteIInanwithanaminulannualrateof55%.Hjiiamuchwilltheborrowerowewhentheballoonpujimcnt衣due?Solution:：TherequiredpiiynKnliscomputedas;冷=M)：/=5,3/l2；11)0,000;KI=\)ComputePMT-PMT=$5&779The:]mrntizitinnJichedulrisns.fnlli>ws:MonthB^innin^BalancePaymentInterestPaidrrinvipulPaidEndin豈Balance1SKX^OOC^MJS567.79S45S.33S109.46$99,89(^542$邸驗54￡567.79S457.831109.96$99,7MX583$99,780.58S567.79$457.33SI10.46S99.670.124$99,670.12$567.79$456.82$110.97199.559.155$99f559J5$567.79$456.31S1114HS99t447.686$99.447.6K￡567.79S455.80S111.99$99335.697$99335-69S567.79$455.29$112.50釣気223,1956$93,170.80S567.79S427.03S140.76S9\03O.()457$y3,030.04S367.79$426.39$141.40S92tK88,64北$處8齟64$567.79$425.74$142.05192,746.5959$92,7仏的$567.79$425.09$142.70S92t6O^.U960$思今￡567.79$424.43tl4336$92*460+53Justaftermakingthe60thpayinent,theborrowermustifiakcuballoonpaymentof$92,461.&A30-^ear,vaiiable-ratemongageoffersafirst-yeartease]-lateof2%.Afterthat,theratestartsat4,5^,udjusicdbuwduntii/iujlimcrtsiThernaihLiiiurnnicoverdielifeofUieloan止10.5^andflicratecaniiici^scbynomerethan200pointsayear.Ifthemortgageisfor$250,000,whatiit[hemunlhlypuymentduringihcfirstyctir?Scccntlyciir?Whali*ihcmaximumpuymcnlduringthe4thyear?Whutisdiemaximuinpaymentever1?Solution：Therequiredpaymentforrhe1styeariscomputedas:￥=36(〕；f=2/12;PV=250,000;FF=【)Cmi卩血亡用疔：rMT=$924.05TherequiredpaymenL(orLt)c2ndye^riscompuiedas:7V-34S;/--4.5/I2;PV~￡243,85529;戸產(chǎn)-0ComputePM7\PMT=、1255.S4Thtmaxiiiiumrequiredpaymentl\)rLhe4lIiyeariscoinpuledas:324;7=S5/12;P礦1$婦&芒1.31:Fr=0CumpuiePMT\円O1時,(EThemaximumpossiblepuymentwouldocturinthe5thywritthe10,5%rateisrequired,Th*paymentwouldbe；N=312;1=10.5/121PF=S23<187.24;FK=0ComputePMT-P4/T=12.H3.939.Consiikfa.10-ycai1,fixcd-iatcmortgageforS500,000at<inominalruttof&%,Whtil姑(IkdifferenceinrequiredpaymenhbetweenamonthlYpaymentandabi-m<inlhJypayment￡paymentsmadetwicenmonth)?Sdufloh：The冋Hiredpaymcnrformonthlypaymentsiscomputedas：A-360;』-6/12;PV~500h(KXJ;F￥=0ComputeFMT;PMT=J2t9FJ7.73ThereqLiirtilpdymeiiifor1?l-iih1[M1i1)'pa)iiienhisconipuLeiilis.V=720；7=6/24i彤=迥000;F^=0ComputePMT.PMT=51,49&21NoticethatthissaveaboviSJr33Anonth.OFtcntimtfS-mortgages^'ithbiiiionfHypayments(automatical]ydebitedfroinyouiclieckiugaccoutu}willofferalowerralefiCWi^lll1().ConsiderthefollowingopiioiKavailableioamongageborrower:LoanAmountInterestRateTypeofMortgagi?DiscountPointOpLion1S100.0006.75%3O->tfixednoneOption24150.0006.25%30-yrfixed1Oprion3$125*006.D%30-\rfixed2Whatis(heeffectiveannualrateforeachoption?Solution：OptionI;(I十0.0675/12)IJ-I=()X)6962HOption2:First,computetheeffectivemonthlyrateba^edonthepcinrsasfollows:N=360J/r=625flXPV=I50j000,computePMT=923.53PMT=-923.5K,N=360,PV=I4K,5OD,compute//}'=0^2878'}Basedonrhi￡r(I+O.OO52S7B9)11-1=0.065313OptionJ:Hirstheampulcthecffcclivcmcnlhlyratebiasedonthepinntiiasfollow!!：N=360.HY=6/12,PV=I25JOQ,computeP\fT=749.44FMF二749.44tN-3(?,尸卩亠I22,500.computeRY二J15J5792(I+0.00515192)'-I=D,O636&111.TwomcrlgageoptiDn^areavailable:n15-ytiirfixed-fiilclunniiL69bwithni>discoujMpointyandn15-yearfixed-rateloanat575%withIdiscounipoint-AssumingyouwillnotpayotFtheloanearly,which21timLitivcisbesrforyou?Assumea1100,(X10mcrfgagc.SulutLuu;DcturmuictheciFcctiyluiiiiuliIruleforeiicllcilltrnliLlLYC.15-yearrixed-nteLeanatCic^withnodiJiCDuntpcinti(L十=O.0ei67SI5-