"Corporate Finance":Examples of matrix pricing

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/12/07 13:54:59　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

學(xué)習(xí)是一個(gè)不斷積累的過程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)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=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。

點(diǎn)擊了解更多CFA考試資訊>>