参考答案

(1)甲债券的价值=1000×10%/2×(P/A, 6%,6)+1000×(P/F,6%,6)=950.87(元)乙债券的价值=1000×(1+5×10%)÷(1+12%×3)=1102.94(元)丙债券的价值=1000×(P/F,12%,3)=711.8(元)由于只有甲债券的目前市价低于其价值,所以,甲、乙、丙三种债券中只有甲债券值得购买。
(2)令半年的到期实际收益率为i,则1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1020i=5%时,1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1000i=4%时,1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1036.30利用内插法解得:半年的期间利率=4.45%,有效年利率=(4.45%+1)×(4.45%+1)-1=9.1%
(3) 2013年3月1日甲债券的价值=[50×(P/A,6%,3)+50+1000×(P/F,6%,3)]×(P/F, 6%, 2/3)=984.26(元)如果价格低于984.26元,则可以投资。
(4)设投资收益率为K,则有:80×(P/A, K,2)+1060×(P/F, K,2)=1041K=9%时,80×(P/A, K,2)+1060×(P/F, K,2)=1032.93K=8%时,80×(P/A, K,2)+1060×(P/F, K,2)=1051.40利用内插法解得:投资收益率=8.56%English answers:
(1) The value of bond Jia=1000×10%/2×(P/A, 6%,6)+1000×(P/F, 6%,6)=950.87(元)The value of bond Yi=1000×(1+5×10%)÷(1+12%×3)=1102.94(元)The value of bond Bing=1000×(P/F, 12%,3)=711.8(元)Because only the market price of bond Jia is lower than its value, so only bond Jia should be
(2) Assuming the yield to maturity of the half year as i,then1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1020i=5%, 1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1000i=4%, 1000×10%/2×(P/A,i,4)+1000×(P/F,i,4)=1036.30By interpolation method:Period interest of the half year=4.45%,Effective interest of the year=(4.45%+1)×(4.45%+i) -1=9.1%
(3) The value of bond Jia in March, lst, 2013=[50×(P/A, 6%,3)+50+1000×(P/F,6%,3)]×(P/F, 6%, 2/3)=984.26(元)If the market price is lower than 984.26元,it is suitable to invest.
(4) Assuming the return on investment as K, then80×(P/A, K,2)+1060×(P/F, K,2)=1041K=9%,80×(P/A, K,2)+1060×(P/F, K,2)=1032.93K=8%,80×(P/A, K,2)+1060×(P/F, K,2)=1051.40By interpolation method: return on investment=8.56%