林益源 發問時間: 社會與文化語言 · 1 0 年前

finance

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1.Midland Oil has $1,000 par value bonds outstanding at 8 percent interest. The

bonds will mature in 25 years. Compute the current price of the bonds if the present yield to maturity is:

a.7 percent

b.10 percent

c.13percent

2.Harrison Ford Auto Company has a $1,000 par value bond outstanding that pays 11 percent interest. The current yield to maturity on each bond in the market is 8

percent. Compute the price of these bonds for these maturity dates:

a.30 years

b.15 years

c.1 years

3.Bonds issued by the Crane Optical Company have a par value of $1,000 , which is

also the amount of principal to be paid at maturity. The bonds are currently selling for $850. They have 10 years remaining to maturity. The annual interest payment is 9 percent ( $90). Compute the approximate yield to maturity.

4.The preferred stock of Ultra Corporation pays an annual divided of $6.30. It has a required rate of return of 9 percent. Compute the price of the preferred stock.

5.Static Electric Co. currently pays a $2.10 annual cash dividend ( D0 ). It plans to maintain the dividend at this level for the foreseeable future as no future as no future growth is anticipated. If the required rate of return by common stockholders ( ke) is 12 percent, what is the price of the common stock?

1 個解答

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  • 1 0 年前
    最佳解答

    1. interest payment per year = 1,000 * 8%= $80

    a. if yield to maturity is 7%

    current price of the bonds = 80/0.07[1-(1/1.07)^25]+1000/(1.07^25)= 1116.536

    b. if yield to maturity is 10%

    current price of the bonds = 80/0.1[1-(1/1.1)^25]+1000/(1.1^25)= 818.459

    c. if yield to maturity is 13%

    current price of the bonds = 80/0.13[1-(1/1.13)^25]+1000/(1.13^25)= 633.501

    2. interest payment per year = 1,000 * 11%= $110

    a. if the maturity dates are 30 years

    current price of the bonds = 110/0.08[1-(1/1.08)^30]+1000/(1.08^30)= 1337.734

    b. if the maturity dates are 15 years

    current price of the bonds = 110/0.08[1-(1/1.08)^15]+1000/(1.08^15)= 1256.784

    c. if the maturity dates are 1 year

    current price of the bonds = 110/0.08[1-(1/1.08)^1]+1000/(1.08^1)= 1027.778

    3. 850 = 90/(1+Y)+90/[(1+Y)^2]+.......90/[(1+Y)^10]+1000/[(1+Y)^10]

    Y=11.61%

    4. P=$6.3/0.09 =$70

    5. P=$2.1/0.12 = $17.5

    參考資料: 自己
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