BOND DURATION&VOLATILITY AT 10%, 8% AND 12%

WITH FACE $48,000,000 AND COUPON 4 1/2

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
960000
960000
960000
960000
960000
960000
960000
960000
960000
48096000
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

PVIF@10%
0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894

PV(CT)
872727.2727273
793388.4297521
721262.2088655
655692.9171505
596084.4701368
541894.9728516
492631.7935015
447847.0850013
407133.7136376
18543090.0484
24071752.91203

24071752.912
4.354
3.958
C(t)
960000
960000
960000
960000
960000
960000
960000
960000
960000
48096000

PVIF@8%

PV(CT)

0.9259259259
0.8573388203
0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881

888888.8888889
823045.2674897
762078.9513794
705628.6586846
653359.8691524
604962.8418078
560150.7794516
518658.1291219
480239.0084462
22277754.00292
28274766.397

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

P
Duration
Volatility

28274766.397

C(t)
960000
960000
960000
960000
960000
960000
960000
960000
960000
48096000

PVIF@12%

PV(CT)

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228
0.360610025
0.3219732366

857142.8571429
765306.122449
683309.0379009
610097.3552686
544729.7814899
486365.8763302
434255.2467234
387727.8988602
346185.6239823
15485624.78707

4.416
4.089

20600744.587

P
Duration
Volatility

20600744.587
4.287
3.828

AND 12%
N 4 1/2

BOND DURATION&VOLATILITY AT 10%, 8% AND 12%

WITH FACE $32,000,000 AND COUPON 4 1/2

TPv (CT)/P
0.01813
0.03296
0.04494
0.05448
0.06191
0.06753
0.07163
0.07442
0.07611
3.85163
4.3537368991

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000
P
Duration
Volatility

TPv (CT)/P
0.01572
0.02911
0.04043
0.04991
0.05777
0.06419
0.06934
0.07337
0.07643
3.93951

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000

PVIF@10%

0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894
20448213.841
3.954
3.594
PVIF@8%

0.9259259259
0.8573388203
0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881

4.4157804064

P
Duration
Volatility
TPv (CT)/P
0.02080
0.03715
0.04975
0.05923
0.06611
0.07083
0.07378
0.07528
0.07562
3.75851

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000

23679499.065
4.041
3.741
PVIF@12%

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228
0.360610025
0.3219732366

4.2870645636

P
Duration
Volatility

17761437.968
3.863
3.449

VOLATILITY AT 10%, 8% AND 12%

2,000,000 AND COUPON 4 1/2

BOND DURATION&VOLATILITY AT 1
WITH FACE $100,000,000 AND

PV(CT)

TPv (CT)/P

1200000
1090909.09090909
991735.537190082
901577.761081893
819616.146438085
745105.587670986
677368.716064533
615789.741876848
559808.85625168
12846302.403792

0.02934
0.05335
0.07275
0.08818
0.10021
0.10932
0.11594
0.12046
0.12320
3.14118
3.954

20448213.8412752

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500
P
Duration
Volatility

PV(CT)

TPv (CT)/P

1222222.22222222
1131687.24279835
1047858.55814662
970239.405691318
898369.820084554
831823.907485698
770207.321746017
713154.927542608
660328.636613526
15433607.0229817

0.02581
0.04779
0.06638
0.08195
0.09485
0.10539
0.11384
0.12047
0.12549
3.25885

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500

23679499.0653126 4.0408084786

P
Duration
Volatility
PV(CT)

TPv (CT)/P

1178571.42857143
1052295.91836735
939549.927113703
838883.863494377
749003.449548551
668753.079954063
597100.964244699
533125.860932767
476005.232975685
10728148.243202

0.03318
0.05925
0.07935
0.09446
0.10543
0.11296
0.11766
0.12006
0.12060
3.02007

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500

17761437.9684046 3.8630072531

P
Duration
Volatility

DURATION&VOLATILITY AT 10%, 8% AND 12%

TH FACE $100,000,000 AND COUPON 4 1/2
PVIF@10%

PV(CT)

TPv (CT)/P

0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894

5738636.36363636
5216942.14876033
4742674.68069121
4311522.43699201
3919565.85181092
3563241.68346447
3239310.62133133
2944827.83757394
2677116.21597631
40988070.9574771
77341908.7977

0.03710
0.06745
0.09198
0.11149
0.12670
0.13821
0.14659
0.15230
0.15576
2.64980
3.677

PVIF@8%

PV(CT)

TPv (CT)/P

0.9259259259
0.8573388203
0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881

5844907.40740741
5411951.30315501
5011066.02143982
4639875.94577761
4296181.43127557
3977945.7696996
3683283.12009222
3410447.33341872
3157821.60501733
49243257.702003

0.03296
0.06103
0.08476
0.10465
0.12112
0.13458
0.14538
0.15384
0.16025
2.77656

77341908.798
3.677
3.343

88676737.6393 3.775114215

88676737.639
3.775
3.495
PVIF@12%

PV(CT)

TPv (CT)/P

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228
0.360610025
0.3219732366

5636160.71428571
5032286.35204082
4493112.81432216
4011707.8699305
3581882.02672366
3198108.95243184
2855454.42181414
2549512.87661977
2276350.78269622
34229779.7150484

0.04153
0.07415
0.09931
0.11823
0.13195
0.14138
0.14727
0.15027
0.15094
2.52193

67864356.5259 3.5769454704

67864356.526
3.577
3.194

BOND DURATION&VOLATILITY AT 10%, 8% AND 12%

WITH FACE $48,000,000 AND COUPON 4 1/2

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

C(t)
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
48960000
P
DURATION
VOLATILITY

TIME
0.5
1

C(t)
960000
960000

PVIF@10%

0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894
0.3504938995
0.3186308177
0.2896643797
0.2633312543
0.2393920494
0.2176291358
0.1978446689
0.1798587899
0.1635079908
0.148643628
0.1351305709
0.1228459736
0.1116781578
0.101525598
0.0922959982
0.0839054529
0.0762776844
0.0693433495
0.0630394086
0.0573085533

PV(CT)

TPv (CT)/P

872727.272727273
793388.429752066
721262.208865515
655692.917150468
596084.470136789
541894.972851626
492631.793501478
447847.085001344
407133.713637585
370121.55785235
336474.143502137
305885.585001942
278077.80454722
252798.004133837
229816.367394397
208923.970358543
189930.88214413
172664.438312845
156967.671193496
142697.882903178
129725.348093798
117932.134630725
107211.031482478
97464.5740749796
88604.1582499815
80549.2347727104
73226.5770661004
66569.6155146367
60517.8322860334
2805826.76962518
11800648.45

0.03698
0.06723
0.09168
0.11113
0.12628
0.13776
0.14611
0.15180
0.15525
0.15682
0.15682
0.15553
0.15317
0.14996
0.14606
0.14164
0.13681
0.13169
0.12637
0.12092
0.11543
0.10993
0.10448
0.09911
0.09386
0.08874
0.08377
0.07898
0.07436
3.56653
7.02

PV(CT)

TPv (CT)/P

888888.888888889
823045.267489712

0.02853
0.05284

11800648.45
7.02
6.377

PVIF@8%

0.9259259259
0.8573388203

1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
48960000
P
DURATION
VOLATILITY

TIME
0.5
1
1.5
2
2.5
3
3.5
4

C(t)
960000
960000
960000
960000
960000
960000
960000
960000

0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881
0.4288828593
0.3971137586
0.3676979247
0.3404610414
0.315241705
0.2918904676
0.2702689514
0.2502490291
0.231712064
0.2145482074
0.1986557476
0.183940507
0.1703152843
0.1576993373
0.1460179049
0.1352017638
0.1251868183
0.1159137207
0.1073275192
0.0993773325

762078.951379363
705628.658684595
653359.869152403
604962.84180778
560150.779451648
518658.129121897
480239.008446201
444665.748561297
411727.544964164
381229.208300152
352990.007685325
326842.599708635
302632.036767254
280214.848858569
259458.193387564
240239.067951448
222443.581436526
205966.279107894
190709.517692495
176582.88675231
163502.672918805
151391.363813709
140177.188716397
129793.693255923
120179.345607336
111277.171858645
103034.418387634
4865514.20163827
15577583.97

0.07338
0.09060
0.10486
0.11651
0.12586
0.13318
0.13873
0.14273
0.14537
0.14684
0.14729
0.14687
0.14571
0.14391
0.14157
0.13880
0.13566
0.13222
0.12855
0.12469
0.12070
0.11662
0.11248
0.10832
0.10415
0.10001
0.09591
4.68511
8.13

PV(CT)

TPv (CT)/P

857142.857142857
765306.12244898
683309.037900874
610097.355268638
544729.781489855
486365.876330228
434255.246723418
387727.898860194

0.04591
0.08198
0.10980
0.13071
0.14588
0.15630
0.16281
0.16614

15577583.97
8.13
7.526

PVIF@12%

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228

4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
960000
48960000
P
DURATION
VOLATILITY

0.360610025
0.3219732366
0.2874761041
0.2566750929
0.2291741901
0.2046198126
0.1826962613
0.1631216618
0.1456443409
0.1300395901
0.1161067769
0.1036667651
0.0925596117
0.0826425104
0.0737879557
0.0658821033
0.0588233066
0.0525208094
0.0468935798
0.0418692677
0.0373832747
0.0333779239
9335116.96
6.01
5.367

346185.623982316
309094.307127068
275977.059934882
246408.089227573
220007.222524619
196435.020111267
175388.410813631
156596.795369314
139818.56729403
124838.006512527
111462.505814756
99520.0944774607
88857.2272120185
79336.8100107308
70836.4375095811
63246.8192049831
56470.3742901635
50419.9770447888
45017.8366471329
40194.4970063686
35887.9437556863
1634183.15316071
9335116.96

0.16688
0.16555
0.16260
0.15837
0.15319
0.14730
0.14091
0.13420
0.12731
0.12036
0.11343
0.10661
0.09995
0.09349
0.08726
0.08130
0.07562
0.07021
0.06510
0.06028
0.05574
2.62586
6.01

BOND DURATION&VOLATILITY AT 10%, 8% AND 12%

WITH FACE $32,000,000 AND COUPON 4 1/2

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

C(t)
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000
P
DURATION
VOLATILITY

TIME
0.5
1

C(t)
1320000
1320000

PVIF@10%

0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894
0.3504938995
0.3186308177
0.2896643797
0.2633312543
0.2393920494
0.2176291358
0.1978446689
0.1798587899
0.1635079908
0.148643628
0.1351305709
0.1228459736
0.1116781578
0.101525598
0.0922959982
0.0839054529
0.0762776844
0.0693433495
0.0630394086
0.0573085533

PV(CT)

TPv (CT)/P

1200000
1090909.091
991735.5372
901577.7611
819616.1464
745105.5877
677368.7161
615789.7419
559808.8563
508917.142
462651.9473
420592.6794
382356.9813
347597.2557
315997.5052
287270.4592
261154.9629
237413.6027
215830.5479
196209.589
178372.3536
162156.6851
147415.1683
134013.7894
121830.7176
110755.1978
100686.5435
91533.22133
83212.01939
1909520.996
14277400.8

0.04202
0.07641
0.10419
0.12629
0.14352
0.15656
0.16605
0.17252
0.17644
0.17822
0.17822
0.17675
0.17407
0.17042
0.16600
0.16097
0.15548
0.14966
0.14361
0.13743
0.13118
0.12493
0.11874
0.11264
0.10666
0.10085
0.09520
0.08975
0.08451
2.00616
5.9254770693

PV(CT)

TPv (CT)/P

BOND DURATIO
WITH FACE

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

14277400.80
5.93
5.387

PVIF@8%

0.9259259259 1222222.222
0.8573388203 1131687.243

0.03387
0.06273

TIME
0.5
1

1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000
P
DURATION
VOLATILITY

TIME
0.5
1
1.5
2
2.5
3
3.5
4

C(t)
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000

0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881
0.4288828593
0.3971137586
0.3676979247
0.3404610414
0.315241705
0.2918904676
0.2702689514
0.2502490291
0.231712064
0.2145482074
0.1986557476
0.183940507
0.1703152843
0.1576993373
0.1460179049
0.1352017638
0.1251868183
0.1159137207
0.1073275192
0.0993773325

1047858.558
970239.4057
898369.8201
831823.9075
770207.3217
713154.9275
660328.6366
611415.4043
566125.3743
524190.1614
485361.2606
449408.5746
416119.0506
385295.4172
356755.0159
330328.7184
305859.9245
283203.6338
262225.5868
242801.4693
224816.1753
208163.1252
192743.6345
178466.3282
165246.6002
153006.1113
141672.3253
3311252.721
18040348.65

0.08713
0.10756
0.12449
0.13833
0.14943
0.15812
0.16471
0.16946
0.17260
0.17434
0.17488
0.17438
0.17300
0.17086
0.16809
0.16479
0.16107
0.15698
0.15262
0.14805
0.14331
0.13847
0.13355
0.12860
0.12366
0.11874
0.11387
2.75321
6.841

1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

PV(CT)

TPv (CT)/P

1178571.429
1052295.918
939549.9271
838883.8635
749003.4495
668753.08
597100.9642
533125.8609

0.05036
0.08993
0.12045
0.14339
0.16003
0.17146
0.17861
0.18225

TIME
0.5
1
1.5
2
2.5
3
3.5
4

18040348.65
6.84
6.334

PVIF@12%

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228

4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
1320000
33320000
P
DURATION
VOLATILITY

0.360610025
0.3219732366
0.2874761041
0.2566750929
0.2291741901
0.2046198126
0.1826962613
0.1631216618
0.1456443409
0.1300395901
0.1161067769
0.1036667651
0.0925596117
0.0826425104
0.0737879557
0.0658821033
0.0588233066
0.0525208094
0.0468935798
0.0418692677
0.0373832747
0.0333779239
11700936.40
5.14
4.759

476005.233
425004.6723
379468.4574
338811.1227
302509.931
270098.1527
241159.0649
215320.5936
192250.53
171652.259
153260.9455
136840.1299
122178.6874
109088.1138
97400.10158
86964.37641
77646.76465
69327.46844
61899.52539
55267.43338
49345.92266
1112152.424
11700936.4

0.18306
0.18161
0.17837
0.17374
0.16805
0.16158
0.15458
0.14722
0.13966
0.13203
0.12443
0.11695
0.10964
0.10255
0.09573
0.08919
0.08295
0.07702
0.07142
0.06613
0.06115
1.42572
5.1392450313

4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

BOND DURATION&VOLATILITY AT 10%, 8% AND 12%

WITH FACE $100,000,000 AND COUPON 4 1/2

C(t)
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500
P
DURATION
VOLATILITY

C(t)
6312500
6312500

PVIF@10%

0.9090909091
0.826446281
0.7513148009
0.6830134554
0.6209213231
0.5644739301
0.5131581182
0.4665073802
0.4240976184
0.3855432894
0.3504938995
0.3186308177
0.2896643797
0.2633312543
0.2393920494
0.2176291358
0.1978446689
0.1798587899
0.1635079908
0.148643628
0.1351305709
0.1228459736
0.1116781578
0.101525598
0.0922959982
0.0839054529
0.0762776844
0.0693433495
0.0630394086
0.0573085533

PV(CT)

TPv (CT)/P

5738636.3636364
0.04398
5216942.1487603
0.07997
4742674.6806912
0.10905
4311522.436992
0.13218
3919565.8518109
0.15020
3563241.6834645
0.16386
3239310.6213313
0.17379
2944827.8375739
0.18056
2677116.2159763
0.18466
2433742.0145239
0.18653
2212492.7404763
0.18653
2011357.0367966
0.18499
1828506.3970878
0.18218
1662278.5428071
0.17836
1511162.3116429
0.17373
1373783.9196753
0.16846
1248894.4724321
0.16272
1135358.6113019
0.15663
1032144.1920927
0.15030
938312.90190241
0.14383
853011.72900219
0.13729
775465.20818381
0.13075
704968.37107619
0.12427
640880.33734199
0.11788
582618.48849272
0.11163
529653.17135702
0.10554
481502.88305183
0.09964
437729.89368348
0.09394
397936.26698499
0.08845
6092615.5728304
1.40085
65238252.902981 5.5027451567

65238252.90
5.50
5.002

PVIF@8%

PV(CT)

0.9259259259 5844907.4074074
0.8573388203 5411951.303155

TPv (CT)/P
0.03608
0.06681

6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500
P
DURATION
VOLATILITY

C(t)
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500

0.793832241
0.7350298528
0.680583197
0.6301696269
0.5834903953
0.5402688845
0.5002489671
0.4631934881
0.4288828593
0.3971137586
0.3676979247
0.3404610414
0.315241705
0.2918904676
0.2702689514
0.2502490291
0.231712064
0.2145482074
0.1986557476
0.183940507
0.1703152843
0.1576993373
0.1460179049
0.1352017638
0.1251868183
0.1159137207
0.1073275192
0.0993773325

5011066.0214398
0.09279
4639875.9457776
0.11456
4296181.4312756
0.13259
3977945.7696996
0.14733
3683283.1200922
0.15915
3410447.3334187
0.16841
3157821.6050173
0.17543
2923908.8935346
0.18048
2707323.0495691
0.18382
2506780.6014528
0.18568
2321093.1494934
0.18625
2149160.323605
0.18572
1989963.2625972
0.18425
1842558.5764789
0.18198
1706072.755999
0.17903
1579696.9962953
0.17552
1462682.4039772
0.17154
1354335.5592381
0.16720
1254014.406702
0.16255
1161124.45065
0.15768
1075115.2320833
0.15264
995477.06674379
0.14747
921738.02476277
0.14224
853461.1340396
0.13697
790241.79077741
0.13170
731705.36183093
0.12646
677504.96465827
0.12128
10565052.666701
1.95643
81002490.61
6.3100617947

81002490.61
6.31
5.843

PVIF@12%

0.8928571429
0.7971938776
0.7117802478
0.6355180784
0.5674268557
0.5066311212
0.4523492153
0.403883228

PV(CT)

TPv (CT)/P

5636160.7142857
5032286.3520408
4493112.8143222
4011707.8699305
3581882.0267237
3198108.9524318
2855454.4218141
2549512.8766198

0.05201
0.09287
0.12438
0.14807
0.16526
0.17706
0.18444
0.18820

6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
6312500
106312500
P
DURATION
VOLATILITY

0.360610025
0.3219732366
0.2874761041
0.2566750929
0.2291741901
0.2046198126
0.1826962613
0.1631216618
0.1456443409
0.1300395901
0.1161067769
0.1036667651
0.0925596117
0.0826425104
0.0737879557
0.0658821033
0.0588233066
0.0525208094
0.0468935798
0.0418692677
0.0373832747
0.0333779239
54186141.18
4.82
4.301

2276350.7826962
0.18904
2032456.0559788
0.18754
1814692.9071239
0.18419
1620261.5242178
0.17941
1446662.0751944
0.17354
1291662.5671379
0.16686
1153270.1492303
0.15963
1029705.4903842
0.15202
919379.90212871
0.14422
820874.91261492
0.13634
732924.02912047
0.12850
654396.45457185
0.12077
584282.54872486
0.11322
521680.84707577
0.10590
465786.47060337
0.09885
415880.77732443
0.09210
371322.1226111
0.08566
331537.6094742
0.07954
296015.72274482
0.07375
264299.75245073
0.06829
235981.92183101
0.06315
3548490.5324836
0.98231
54186141.183892 4.8171341682

FACE VALUE

COUPON MATURITY DISCOUNT RATE DURTION

5

$48,000,000

4 1/2
15

5
$32,000,000

8 1/4
15

5
$100,000,000

12 5/8
15

8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%

4.15
4.35
4.29
8.13
7.02
6.01
4.04
3.95
3.86
6.84
5.93
5.14
3.78
3.68
3.58
6.31
5.50
4.82

VOLATILITY
4.09
3.96
3.83
7.53
6.38
5.37
3.74
3.59
3.45
6.33
5.39
4.76
3.50
3.34
3.19
5.84
5.00
4.30

FACE VALUE COUPON MATURITY DISCOUNT RATE DURTION VOLATILITY

5
$48,000,000

4 1/2
15

5
$32,000,000

8 1/4
15

5
$100,000,000

12 5/8
15

8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%
8%
10%
12%

BOND DURATION&VOLATILITY AT DISCOUNT RATES OF 10%, 8% AND 12%

WITH FACE VALUE $1000, MATURITY 5 YEARS AND COUPON 4 1/2

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
TOTALS

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5
1225.000
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
TOTALS

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5
1225.000
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5

PVIF@10%

PV(CT)

Pv (CT)/P

0.952
0.907
0.864
0.823
0.784
0.746
0.711
0.677
0.645
0.614
7.722
787.652

21.429
20.408
19.436
18.511
17.629
16.790
15.990
15.229
14.504
627.726
787.652

0.027
0.026
0.025
0.024
0.022
0.021
0.020
0.019
0.018
0.797
1.000

PV(CT)

Pv (CT)/P

21.635
20.803
20.002
19.233
18.493
17.782
17.098
16.441
15.808
690.764
858.059

0.025
0.024
0.023
0.022
0.022
0.021
0.020
0.019
0.018
0.805
1.000

PV(CT)

Pv (CT)/P

21.226
20.025
18.891
17.822
16.813
15.862
14.964
14.117
13.318
570.959

0.029
0.028
0.026
0.025
0.023
0.022
0.021
0.019
0.018
0.789

4.459
4.247
PVIF@8%

0.962
0.925
0.889
0.855
0.822
0.790
0.760
0.731
0.703
0.676
8.111
858.059
4.487
4.315
PVIF@12%

0.943
0.890
0.840
0.792
0.747
0.705
0.665
0.627
0.592
0.558

TOTALS

1225.000
P
Duration
Volatility

7.360
723.997

723.997
4.431
4.180

1.000

-0.1421965318
6.9642857143

10%, 8% AND 12%

COUPON 4 1/2

TPv (CT)/P)
0.014
0.026
0.037
0.047
0.056
0.064
0.071
0.077
0.083
3.985

4.459

TPv (CT)/P)
0.013
0.024
0.035
0.045
0.054
0.062
0.070
0.077
0.083
4.025

4.487

BOND DURATION&VOLATILITY AT DISCOUNT RATES OF 10%,

12%
WITH FACE VALUE $1000, MATURITY 15 YEARS AND COUPO

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

C(t)
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25
2237.500

TPv (CT)/P)

P
Duration
Volatility

0.015
0.028
0.039
0.049
0.058
0.066
0.072
0.078
0.083
3.943

TIME
0.5
1
1.5
2
2.5
3

C(t)
41.25
41.25
41.25
41.25
41.25
41.25

PVIF@10%

0.952
0.907
0.864
0.823
0.784
0.746
0.711
0.677
0.645
0.614
0.585
0.557
0.530
0.505
0.481
0.458
0.436
0.416
0.396
0.377
0.359
0.342
0.326
0.310
0.295
0.281
0.268
0.255
0.243
0.231
15.372

PV(CT)
39.286
37.415
35.633
33.936
32.320
30.781
29.316
27.920
26.590
25.324
24.118
22.970
21.876
20.834
19.842
18.897
17.997
17.140
16.324
15.547
14.806
14.101
13.430
12.790
12.181
11.601
11.049
10.523
10.022
240.922
865.491

865.491
8.395
7.995
PVIF@8%

PV(CT)

0.962
0.925
0.889
0.855
0.822
0.790

39.663
38.138
36.671
35.261
33.904
32.600

4.431

3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25
2237.500

P
Duration
Volatility
TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8

C(t)
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25

0.760
0.731
0.703
0.676
0.650
0.625
0.601
0.577
0.555
0.534
0.513
0.494
0.475
0.456
0.439
0.422
0.406
0.390
0.375
0.361
0.347
0.333
0.321
0.308
17.292

31.347
30.141
28.982
27.867
26.795
25.765
24.774
23.821
22.905
22.024
21.177
20.362
19.579
18.826
18.102
17.406
16.736
16.093
15.474
14.878
14.306
13.756
13.227
321.037
1021.615

1021.615
8.935
8.592
PVIF@12%

0.943
0.890
0.840
0.792
0.747
0.705
0.665
0.627
0.592
0.558
0.527
0.497
0.469
0.442
0.417
0.394

PV(CT)
38.915
36.712
34.634
32.674
30.824
29.080
27.434
25.881
24.416
23.034
21.730
20.500
19.340
18.245
17.212
16.238

8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25
2237.500

P
Duration
Volatility

0.371
0.350
0.331
0.312
0.294
0.278
0.262
0.247
0.233
0.220
0.207
0.196
0.185
0.174
13.765

741.909
7.860
7.415

15.319
14.452
13.634
12.862
12.134
11.447
10.799
10.188
9.611
9.067
8.554
8.070
7.613
181.292
741.909

DISCOUNT RATES OF 10%, 8% AND

2%
RITY 15 YEARS AND COUPON 8 1/4

Pv (CT)/P

TPv (CT)/P)

0.045
0.043
0.041
0.039
0.037
0.036
0.034
0.032
0.031
0.029
0.028
0.027
0.025
0.024
0.023
0.022
0.021
0.020
0.019
0.018
0.017
0.016
0.016
0.015
0.014
0.013
0.013
0.012
0.012
0.278

0.023
0.043
0.062
0.078
0.093
0.107
0.119
0.129
0.138
0.146
0.153
0.159
0.164
0.169
0.172
0.175
0.177
0.178
0.179
0.180
0.180
0.179
0.178
0.177
0.176
0.174
0.172
0.170
0.168
4.175

1.000

8.395

Pv (CT)/P

TPv (CT)/P)

0.039
0.037
0.036
0.035
0.033
0.032

0.019
0.037
0.054
0.069
0.083
0.096

BOND DURATION&VOLATILITY AT DISCOUNT RA

12%
WITH FACE VALUE $1000, MATURITY 25 YEARS

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15
15.5
16
16.5
17
17.5
18
18.5
19
19.5
20
20.5
21

C(t)
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125

PVIF@10%

0.952
0.907
0.864
0.823
0.784
0.746
0.711
0.677
0.645
0.614
0.585
0.557
0.530
0.505
0.481
0.458
0.436
0.416
0.396
0.377
0.359
0.342
0.326
0.310
0.295
0.281
0.268
0.255
0.243
0.231
0.220
0.210
0.200
0.190
0.181
0.173
0.164
0.157
0.149
0.142
0.135
0.129

0.031
0.030
0.028
0.027
0.026
0.025
0.024
0.023
0.022
0.022
0.021
0.020
0.019
0.018
0.018
0.017
0.016
0.016
0.015
0.015
0.014
0.013
0.013
0.314

0.107
0.118
0.128
0.136
0.144
0.151
0.158
0.163
0.168
0.172
0.176
0.179
0.182

21.5
22
22.5
23
23.5
24
24.5
25

0.184
0.186
0.187
0.188
0.189
0.189
0.189
0.189
0.189
0.188
4.714

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15
15.5
16

1.000

63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
P
Duration
Volatility

8.935

Pv (CT)/P

TPv (CT)/P)

0.052
0.049
0.047
0.044
0.042
0.039
0.037
0.035
0.033
0.031
0.029
0.028
0.026
0.025
0.023
0.022

0.026
0.049
0.070
0.088
0.104
0.118
0.129
0.140
0.148
0.155
0.161
0.166
0.169
0.172
0.174
0.175

C(t)
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125

0.123
0.117
0.111
0.106
0.101
0.096
0.092
0.087
1152.405
8.112
7.725
PVIF@8%

0.962
0.925
0.889
0.855
0.822
0.790
0.760
0.731
0.703
0.676
0.650
0.625
0.601
0.577
0.555
0.534
0.513
0.494
0.475
0.456
0.439
0.422
0.406
0.390
0.375
0.361
0.347
0.333
0.321
0.308
0.296
0.285

0.021
0.019
0.018
0.017
0.016
0.015
0.015
0.014
0.013
0.012
0.012
0.011
0.010
0.244
1.000

0.176
0.175
0.175
0.173
0.172
0.170
0.167
0.165
0.162
0.159
0.156
0.152
0.149
3.665
7.860

16.5
17
17.5
18
18.5
19
19.5
20
20.5
21
21.5
22
22.5
23
23.5
24
24.5
25

63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11

C(t)
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125

0.274
0.264
0.253
0.244
0.234
0.225
0.217
0.208
0.200
0.193
0.185
0.178
0.171
0.165
0.158
0.152
0.146
0.141
1356.063
8.906
8.482
PVIF@12%

0.943
0.890
0.840
0.792
0.747
0.705
0.665
0.627
0.592
0.558
0.527
0.497
0.469
0.442
0.417
0.394
0.371
0.350
0.331
0.312
0.294
0.278

11.5
12
12.5
13
13.5
14
14.5
15
15.5
16
16.5
17
17.5
18
18.5
19
19.5
20
20.5
21
21.5
22
22.5
23
23.5
24
24.5
25

63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
63.125
P
Duration
Volatility

0.262
0.247
0.233
0.220
0.207
0.196
0.185
0.174
0.164
0.155
0.146
0.138
0.130
0.123
0.116
0.109
0.103
0.097
0.092
0.087
0.082
0.077
0.073
0.069
0.065
0.061
0.058
0.054
994.967
7.398
7.046

LATILITY AT DISCOUNT RATES OF 10%, 8% AND

12%
000, MATURITY 25 YEARS AND COUPON 12 5/8

PV(CT)

Pv (CT)/P

TPv (CT)/P)

60.119
57.256
54.530
51.933
49.460
47.105
44.862
42.725
40.691
38.753
36.908
35.150
33.477
31.882
30.364
28.918
27.541
26.230
24.981
23.791
22.658
21.579
20.552
19.573
18.641
17.753
16.908
16.103
15.336
14.606
13.910
13.248
12.617
12.016
11.444
10.899
10.380
9.886
9.415
8.967
8.540
8.133

0.052
0.050
0.047
0.045
0.043
0.041
0.039
0.037
0.035
0.034
0.032
0.031
0.029
0.028
0.026
0.025
0.024
0.023
0.022
0.021
0.020
0.019
0.018
0.017
0.016
0.015
0.015
0.014
0.013
0.013
0.012
0.011
0.011
0.010
0.010
0.009
0.009
0.009
0.008
0.008
0.007
0.007

0.026
0.050
0.071
0.090
0.107
0.123
0.136
0.148
0.159
0.168
0.176
0.183
0.189
0.194
0.198
0.201
0.203
0.205
0.206
0.206
0.206
0.206
0.205
0.204
0.202
0.200
0.198
0.196
0.193
0.190
0.187
0.184
0.181
0.177
0.174
0.170
0.167
0.163
0.159
0.156
0.152
0.148

7.746
7.377
7.026
6.691
6.372
6.069
5.780
5.505
1152.405

0.007
0.006
0.006
0.006
0.006
0.005
0.005
0.005

0.145
0.141
0.137
0.134
0.130
0.126
0.123
0.119

1.000

8.112

PV(CT)

Pv (CT)/P

TPv (CT)/P)

60.697
58.363
56.118
53.960
51.884
49.889
47.970
46.125
44.351
42.645
41.005
39.428
37.911
36.453
35.051
33.703
32.407
31.160
29.962
28.809
27.701
26.636
25.611
24.626
23.679
22.769
21.893
21.051
20.241
19.463
18.714
17.994

0.045
0.043
0.041
0.040
0.038
0.037
0.035
0.034
0.033
0.031
0.030
0.029
0.028
0.027
0.026
0.025
0.024
0.023
0.022
0.021
0.020
0.020
0.019
0.018
0.017
0.017
0.016
0.016
0.015
0.014
0.014
0.013

0.022
0.043
0.062
0.080
0.096
0.110
0.124
0.136
0.147
0.157
0.166
0.174
0.182
0.188
0.194
0.199
0.203
0.207
0.210
0.212
0.214
0.216
0.217
0.218
0.218
0.218
0.218
0.217
0.216
0.215
0.214
0.212

17.302
16.637
15.997
15.382
14.790
14.221
13.674
13.148
12.643
12.156
11.689
11.239
10.807
10.391
9.992
9.607
9.238
8.882
1356.063

0.013
0.012
0.012
0.011
0.011
0.010
0.010
0.010
0.009
0.009
0.009
0.008
0.008
0.008
0.007
0.007
0.007
0.007

0.211
0.209
0.206
0.204
0.202
0.199
0.197
0.194
0.191
0.188
0.185
0.182
0.179
0.176
0.173
0.170
0.167
0.164

1.000

8.906

PV(CT)

Pv (CT)/P

TPv (CT)/P)

59.552
56.181
53.001
50.001
47.171
44.501
41.982
39.605
37.364
35.249
33.253
31.371
29.595
27.920
26.340
24.849
23.442
22.115
20.864
19.683
18.569
17.518

0.060
0.056
0.053
0.050
0.047
0.045
0.042
0.040
0.038
0.035
0.033
0.032
0.030
0.028
0.026
0.025
0.024
0.022
0.021
0.020
0.019
0.018

0.030
0.056
0.080
0.101
0.119
0.134
0.148
0.159
0.169
0.177
0.184
0.189
0.193
0.196
0.199
0.200
0.200
0.200
0.199
0.198
0.196
0.194

16.526
15.591
14.708
13.876
13.090
12.349
11.650
10.991
10.369
9.782
9.228
8.706
8.213
7.748
7.309
6.896
6.505
6.137
5.790
5.462
5.153
4.861
4.586
4.326
4.082
3.851
3.633
3.427
994.967

0.017
0.016
0.015
0.014
0.013
0.012
0.012
0.011
0.010
0.010
0.009
0.009
0.008
0.008
0.007
0.007
0.007
0.006
0.006
0.005
0.005
0.005
0.005
0.004
0.004
0.004
0.004
0.003
1.000

0.191
0.188
0.185
0.181
0.178
0.174
0.170
0.166
0.162
0.157
0.153
0.149
0.144
0.140
0.136
0.132
0.127
0.123
0.119
0.115
0.111
0.107
0.104
0.100
0.096
0.093
0.089
0.086
7.398

8%
10%
12%

4.5% COUPON
NEW PRICE
% CHANGE
858.059
0.089
787.652
0.000
723.997
-0.081
134.063
0.170

8.25% COUPON
NEW PRICE
1021.615
865.491
741.909

8.25% COUPON
% CHANGE
0.180
0.000
-0.143

12.6 COUPON
NEW PRICE
% CHANGE
1356.063
0.177
1152.405
0.000
994.967
-0.137

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5

PVIF@

PV(CT)

Pv (CT)/P

PVIF@

PV(CT)

Pv (CT)/P

PVIF@

PV(CT)

Pv (CT)/P

P
Duration
Volatility
TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5

C(t)
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
22.5
1022.5

P
Duration
Volatility

TPv (CT)/P)

TPv (CT)/P)

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

TPv (CT)/P)

C(t)
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25

PVIF@

PV(CT)

Pv (CT)/P

PVIF@

PV(CT)

Pv (CT)/P

P
Duration
Volatility
TIME
0.5
1
1.5
2
2.5
3

C(t)
41.25
41.25
41.25
41.25
41.25
41.25

3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25
P
Duration
Volatility

TIME
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5

C(t)
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25

PVIF@

PV(CT)

Pv (CT)/P

7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15

41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
41.25
1041.25
2237.500

P
Duration
Volatility

TPv (CT)/P)

TPv (CT)/P)

TPv (CT)/P)

BOND PRICE CALCULATION

NPER
RATE
PV
PMT
3
-1153
4.44%
BOND YTM CALCULATIONS

FV
100

1000

FOR ANNUAL COUPON PAYMENTS

5-YEARS BOND 15-YEARS BOND
25-YEARS BOND
FACE VALUE
1000
1000
1000
ANNUAL COUPON RATE
4.50%
8.25%
12.63%
ANNUAL REQUIRED RETURN
10%
10%
10%
YEARS TO MATURITY
5
15
25
PAYMENT FREQUENCY
1
1
1
VALUE OF BOND
($791.51)
($866.89)
($1,238.27)
FOR SEMI-ANNUAL COUPON PAYMENTS
5-YEARS BOND 15-YEARS BOND
25-YEARS BOND
FACE VALUE
1000
1000
1000
ANNUAL COUPON RATE
4.50%
8.25%
12.63%
ANNUAL REQUIRED RETURN
10%
10%
10%
YEARS TO MATURITY
5
15
25
PAYMENT FREQUENCY
2
2
2
VALUE OF BOND
($787.65)
($865.49)
($1,239.61)
APR &EAR YTM CALCULATIONS FOR SEMI-ANNUAL COUPON PAYMENTS
5-YEARS BOND 15-YEARS BOND
25-YEARS BOND
FACE VALUE
1000
1000
1000
ANNUAL COUPON RATE
4.50%
8.25%
12.63%
ANNUAL REQUIRED RETURN
10%
10%
10%
YEARS TO MATURITY
5
15
25
PAYMENT FREQUENCY
2
2
2
VALUE OF BOND
$800.00
$865.49
$1,220.00
YTM
5%
5%
5%
APR YTM
10%
10%
10%
EAR YTM
9.866
10.250
10.440

FOR ANNUAL COUPON PAYMENTS

5-YEARS BOND 15-YEARS BOND

25-YEARS BOND

FACE VALUE
ANNUAL COUPON RATE
ANNUAL REQUIRED RETURN
YEARS TO MATURITY
PAYMENT FREQUENCY
VALUE OF BOND
FOR SEMI-ANNUAL COUPON PAYMENTS
5-YEARS BOND 15-YEARS BOND

25-YEARS BOND

FACE VALUE
ANNUAL COUPON RATE
ANNUAL REQUIRED RETURN
YEARS TO MATURITY
PAYMENT FREQUENCY
VALUE OF BOND
APR &EAR YTM CALCULATIONS FOR SEMI-ANNUAL COUPON PAYMENTS
5-YEARS BOND 15-YEARS BOND 25-YEARS BOND
FACE VALUE
ANNUAL COUPON RATE
ANNUAL REQUIRED RETURN
YEARS TO MATURITY
PAYMENT FREQUENCY
VALUE OF BOND
YTM
APR YTM
EAR YTM