ÔN TẬP CUỐI KỲ - HK1/2023-2024

MÔN TIỀN TỆ VÀ THỊ TRƯỜNG TÀI CHÍNH

12th Edition, 2019

BÀI TẬP TỰ LUẬN – CÓ CÔNG THỨC

PHẦN I. CHƯƠNG 4

4.1. Bài tập Meaning of Interest rate tính Price, YTM (có dạng và đáp án
trong Textbook):
Simple Loan
Fixed payment Loan
Coupon Bond (Price and YTM)
Discount bond

1/ Bài tập xổ số
See more on page 66-67, Chapter 4: Simple Present Value

Assume that you just hit the $30 million Jackpot in the New York Lottery, which promises
you a payment of $7.5 million for the next four years. You are clearly excited, but have you
really won $30 million? (if interest rate is 8.5%)

2/ A lottery claims its grand prize is $15 million, payable over five years at $3,000,000 per
year. If the first payment is made immediately, what is this grand prize really worth? Use an
interest rate of 7%.

3/ If the interest rate is 15%, what is the present value of a security that pays you $1,100
next year, $1,250 the year after, and $1,347 the year after that?

4/ If the interest rate is 10%

a. what is the present value of a security that pay you $1,100 next year, $ 1,210 the year after,
and $ 1,331 the year after that?
b. If the security sold for $3,500, is the yield to maturity greater or less than 10%? Why?

5/ If the loan is $15,000 and the yearly payment is $1,500 for the next 25 years. What is the
yield to maturity (YTM) on this loan?
More detail on page 69-70, Chapter 4: Fixed –Payment Loan
Công thức số 02 – trang 69:

6/ In July 2010, you purchase 200 Yen of bonds in Japan which pay a 8% coupon rate
every year. If the bond matures in 2015 and the YTM is 4.5%, what is the value of the
bond?

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7/ In February 2009, you purchase a 3-year US Government bond. The bond has an annual
coupon rate of 4.875%, paid semi-annually. If investors demand a 3% semiannual return,
what is the price of the bond? (Face value = $1,000).

8/ What is the price of a perpetuity that has a coupon of $85 per year and a yield of 3.5%?
If the yield doubles, what happens to the price?
CONSOL OR PERPETUITY
See more on page 73, Chapter 4: Consol or perpetuity

9/ What is the price of a perpetuity that has a coupon of $50 per year and a yield of 2.5%?
If the yield doubles, what happens to the price?

10/ Bài tập tính YTM Bond Price for a Coupon Bond
See more on page 71-72, Chapter 4: Yield to Maturity and the Bond Price for a Coupon bond
(APPLICATION: Yield to Maturity and then Bond Price for a Coupon Bond) - page 72 –
TABLE 1)

Bài mẫu:
a) Find the price of a 10% coupon bond with a face value of $1000, a 12% yield to
maturity, and 8 years to maturity.
b) Find the price of a 10% coupon bond with a face value of $1000, a 9% yield to
maturity, and 8 years to maturity.
c) Find the price of a 10% coupon bond with a face value of $1000, a 10% yield to
maturity, and 8 years to maturity.
Give a conclusion about the relation between price of coupon bond and yield to maturity.

Yield to Maturity on a 10% coupon rate bond maturing in 8

years (Face Value = $1,000).
Price of Bond ($) Yield to Maturity (%)
1,000 10%
$900.64 12%
$1,055.34 9%

Conclusion:
When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate
The price of a coupon bond and the yield to maturity are negatively related
The yield to maturity is greater than the coupon rate when the bond price is below its face
value

Câu hỏi:
Find the price of a 8% coupon bond with a face value of $1000, a 10% yield to maturity, and
5 years to maturity.

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Find the price of a 8% coupon bond with a face value of $1000, a 6% yield to maturity, and 5
years to maturity.
Find the price of a 8% coupon bond with a face value of $1000, a 8% yield to maturity, and 5
years to maturity.
Give a conclusion about the relation between price of coupon bond and yield to maturity.
11/ What is the yield to maturity on a $10,000-face-value discount bond, maturing in one
year, which sells for $9,523.81?

12/ Campbell, Inc. offers a 7 percent coupon bond with annual payments. The yield to
maturity is 5.85 percent and the maturity date is 9 years. What is the market price of a
$1,000 face value bond?

13/ Consider a coupon bond that has a $900 par value and a coupon rate of 6%. The bond
is currently selling for $860.15 and has two years to maturity. What is the bond’s yield to
maturity?

14/ What is the yield to maturity on a $10,000-face-value discount bond, maturing in one year,
which sells for $9,523.81?
Discount Bond

4.2. Bài tập tính Rates and Return

THE DISTINCTION BETWEEN INTEREST RATES AND RETURN
See more page 75-76-77, Chapter 4: The distinction between interest rates and returns

1/ Câu hỏi:
a. Calculate the rate of return of a $1,000 face value coupon bond with a coupon rate of 10% that
is bought for $1,000, held for one year, and then sold for $ 1,150; duration of this coupon bond is
5 years.
b. Calculate the rate of return of a $ 1,000 face value coupon bond with a coupon rate of 10%
that is bought for $ 1,000, held for one year, and then sold for $ 950; duration of this coupon is 5
years.

2/ Câu hỏi:
a/ Calculate the rate of return of a $ 1,000 face value coupon bond with a coupon rate of 10%
that is bought for $ 1,000, held for one ygear, and then sold for $ 800, duration of this coupon is
5 years.
b/ Calculate the rate of return of a $1,000 face value coupon bond with a coupon rate of 10% that
is bought for $1,000, held for one year, and then sold for $ 1,105, duration of this coupon bond is
5 years.

3/ Question 2. A $1,100-face-value bond has a 5% coupon rate, its current price is $1,040,
and it is expected to increase to $1070 next year. Calculate the current yield, the expected
rate of capital gains, and the expected rate of return.
BÀI GIẢI:
(Công thức số (8), trang 77)

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PHẦN II. CHƯƠNG 7

1/ Bài tập trong sách giáo khoa – trang 142

See more on page 142, Chapter 7: The One-Period Valuation Model

You have some extra money to invest for one year. After a year, you will need to sell your
investment to pay tuition. After watching CNBC or Nightly Business Report on TV, you
decide that you want to buy Intel Corp. stock, rate of return is 12%.
You call your broker and find that Intel is currently selling for $50 per share and pays
$0.16 per year in dividends. The analyst on CNBC predicts that the stock will be selling for
$60 in one year. Should you buy this stock?

BÀI GIẢI:

Công thức 1 chapter 7

Po= Div1/(1+ke) + P1/(1+ke)

P0 = the current price of the stock = is currently selling for $50
Div1 = the dividend paid at the end of year 1 =are told that Intel pays $ 0.16 per year in dividends
(Div1 = 0.16)
k2 = 12% (return on the investment) [you decide that you want to buy Intel Corp. stock, rate
of return is 12% = 0.12]
P1 = the price at the end of the first period; the assumed sales price of the stock
[the forecast the share price (predict that the stock) will be selling for $60 in one year] => (P 1 =
$60)

P0 = Div1/(1 + ke) + P1/(1 + ke)

2/ You have some extra money to invest for one year. After a year, you will need to sell
your investment to pay tuition. After watching CNBC or Nightly Business Report on TV,
you decide that you want to buy Intel Corp. stock, rate of return is 9%.
You call your broker and find that Intel is currently selling for $55 per share and pays
$0.57 per year in dividends. The analyst on CNBC predicts that the stock will be selling for
$50 in one year. Should you buy this stock?

3/ Imagine that you want to purchase a stock that is selling for $35. The expected dividend
next year is $2.73 and analyst forecast the stock price one year from today being $38.5.
According to the capital asset pricing model the cost of equity is 9%. Using the one-period
valuation model. What should the stock be selling for? Should you purchase it?

BÀI GIẢI:
See more on page 142, Chapter 7: The One-Period Valuation Model

4/ Imagine that you want to purchase a stock that is selling for $20. The expected dividend
next year is $1.75 and analyst forecast the stock price one year from today being $22.

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According to the capital asset pricing model the cost of equity is 12%. Using the one period
valuation model. What should the stock be selling for? Should you purchase it?

BÀI GIẢI:
See more on page 142, Chapter 7: The One-Period Valuation Model

P0= [Div1/(1+ke)] + [P1/(1+ke)]

P0 = the current price of the stock = a stock that is selling for $20
Div1 = the dividend paid at the end year 1
ke = the required return on investment in equity
Let ke = 12%
P1 = the price at the end of the first period; the assumed sales price of the stock

5/ Fledgling Electronics is forecasted to pay a $5.00 dividend at the end of year one and a
$5.50 dividend at the end of year two. At the end of the second year the stock will be sold
for $121. If the discount rate is 15%, what is the price of the stock?

6/ Fledgling Electronics is forecasted to pay a $5.00 dividend at the end of year one; a $5.50
dividend at the end of year two; a $6.5 dividend at the end of year three. At the end of the
third year the stock will be sold for $238. If the discount rate is 10%, what is the price of
the stock?

BÀI GIẢI:

¿1 ¿2 ¿3 + P3
P= 1
+ 2
+ 3
( 1+ r) (1+r ) (1+r )

7/ C Company stockholders expect to receive a year-end dividend of $5 per share and then
be sold for $115 dollars per share. If the required rate of return for the stock is 20%, what
is the current value of the stock?l

9/ W Co. has just now paid a dividend of $3 per share; the dividends are expected to grow
at a constant rate of 8% per year forever. If the required rate of return on the stock is
12%, what is the current value on stock, after paying the dividend?

BÀI GIẢI:
More detail on page 143-144, Chapter 7, equation 5: The Gordon Growth Model

¿1 ¿ ( 1+ g )
P 0= = 0
r −g r−g