TUGAS BONDS YIELDS AND PRICES

MANAJEMEN INVESTASI & PORTOFOLIO

NI KADEK WAHYUNI MERTA SARI

NIM: I2A019063

PROGRAM STUDI MAGISTER MANAJEMEN

PROGRAM PASCASARJANA UNIVERSITAS MATARAM
MATARAM
2021
Computational Problems
17-1 Consider a 6 percent 10-year bond purchased at face value. Based on Table 17-1 and
assuming a reinvestment rate of 5 percent, calculate
a. The interest on interest
b. The total dollar return
c. The realized compound yield
Jawab :
Rateinvestment risk = 5%
n = 10 tahun
I = 6%
Berdasarkan Tabel 17.1
a. Interest on interest = $3.370
b. Total Dollar Return = $1.000 + $3.370
= $4.370
c. RCY = ($4.370/$1.000)1/10 – 1.0
= 1,1590 – 1,0
= 0,1590 / 15,90%
= 15,90% x 2 = 31,80%

17-2 You need $40,000 five years from now to pay off a balloon payment on your house.
You buy 30 bonds at face value with five-year maturities yielding 6.2 percent. Will
you have enough to meet your obligation at the end of five years?
Jawab :
I = 6,2%
N = 5 tahun
P = 30 x $1.000 = $30.000
FV = $40.000
Ytm = ?
Ytm = (FV/P)1/n – 1
= (40.000/30.000)0,20 – 1
= (1,333)0,20 – 1
 = 1,0592 – 1
= 0,0592
= 0,0592
= 0,0592 x 30.000
= 1.776,71
= 30.000 + 1.776,71
= $31.776,71
Pada tahun kelima jumlah bunga dan nilai kupon obligasi adalah $31.776,71, jumlah
tersebut belum memenuhi kewajiban pembayaran perumahan yang mencapai $40.000

17-3 Some of your relatives wish to accumulate $100,000 as part of their retirement, which
will occur 15 years from now. They can buy today 50 bonds at face value yielding 5.4
percent. These bonds have a maturity of nine years. They anticipate that at the end of
nine years they can invest their accumulated wealth from the bonds in a 4.2 percent
savings account with semiannual compounding. Can they achieve their goal of
$100,000?
Jawab :
Isc = 4,2%
I = 5,4%
N = 9 tahun
P = 50 x $1.000 = $50.000
FV = $100.000
Ytm = ?
Ytm = (FV/P)1/n – 1
= (100.000/50.000)1/n – 1
= (2)0,111 – 1
= 1,08006 – 1
= 0,08006
= 0.08006 x 50.000
= $4002, 98
 = $50.000 + $4.002,98
= $54.002,98
= $54.002,98 x 4,2%
= $2.268,12
= $54.002,98 + $2.268,12
= $56.271,11
Yield to maturity hanya mencapai $56.271,11. Sehingga beberapa kerabat yang akan
mengumpulkan uang pada tahun kesembilan belum mencapai $100.000

17-4 You are considering the purchase of an unusual corporate bond with a face value of
$25,000, which matures in exactly six years. The cost of this bond is $16,000. Based
on semiannual interest, what bond equivalent rate of return will be earned on this
investment?
Jawab :
Harga obligasi 6 tahun mendatang
FV = $25.000
P = $16.000
N = 6 tahun
Ytm = ?
Ytm = (FV/P)1/n – 1
= ($25.000/$16.000)1/6 – 1
= (1,5625)0,1666 – 1
= 1,0772 -1
= 0,0772
= 7,72%
Harga obligasi 1 tahun dari sekarang
FV = 7%
Ytm = 8%
N = 6 tahun
P=?
 Ytm = (FV/P)1/n – 1
8% = (7%/P)1/6 – 1
0,08 = (0,07/P)0,1666 – 1
1,08 = (0,07/P)0,1666
P = 0,044
P = 4,4%
Harga obligasi enam tahun kedepan sebesar 7%, harga obligasi satu tahun dari sekarang
sebesar 4,4%. Ini artinya obligasi satu tahun dari sekarang lebih kecil dari pada enam tahun
kedepan.

17-5 A 6-year bond with a 7 percent coupon is selling to yield 8 percent. If interest rates
remain constant, one year from now will the price of this bond be lower or higher?
Prove your answer.
Jawab :
Berdasarkan soal 17- 4 harga obligasi akan meningkat pada pada 6 tahun kedepan
dibandingkan dengan harga obligasi satu tahun dari sekarang.