Question 5 Four years ago,you invested in a zero coupon bond with a face value of $1,000 thathad a YTM of 8% and 9 years left until maturity.Today,that bond has a YTM of 5%.Due to a financial emergency,you are forced to sell the bond.What is your cap

Question 5 Four years ago,you invested in a zero coupon bond with a face value of $1,000 thathad a YTM of 8% and 9 years left until maturity.Today,that bond has a YTM of 5%.Due to a financial emergency,you are forced to sell the bond.What is your cap
Question 5
Four years ago,you invested in a zero coupon bond with a face value of $1,000 that
had a YTM of 8% and 9 years left until maturity.Today,that bond has a YTM of 5%.
Due to a financial emergency,you are forced to sell the bond.What is your capital
gain/loss?(Please note that the compounding interval for zero coupon bonds is 6
months)
Question 6
Five years ago,ABC,Inc.issued a corporate bond with an annual coupon of $8,000,
paid at the rate of $4,000 every six months,and a maturity of 10 years.The par value of the bond is $1,000,000.Recently,however,the company has run into some
financial difficulty and has restructured its obligations.Today’s coupon payment has
already been paid,but the remaining coupon payments will be postponed until
maturity.The postponed payments will accrue interest at an annual rate of 6% per
year and will be paid as a lump sum amount at maturity along with the face value.The discount rate on the renegotiated bonds,now considered much riskier,has gone from 7% prior to the renegotiations to 15% per annum with the announcement of the restructuring.What is the price at which the new renegotiated bond should be selling today?

Question 5 Four years ago,you invested in a zero coupon bond with a face value of $1,000 thathad a YTM of 8% and 9 years left until maturity.Today,that bond has a YTM of 5%.Due to a financial emergency,you are forced to sell the bond.What is your cap
先翻一下吧：
第5题：4年前,你购买了一些面值为1000,到期收益率为8%零息债券（折扣债券）,当时这些债券还有9年到期.今天,这些债券的到期收益率变为5%,由于你的财务状况出现问题,你必须要把这些债券卖掉,那么你的资金收益/损失是多少?（请注意,复利计算期为6个月）
先计算4年前你用多少钱买了这些债券：PV = (1000*8%/2) / (1+8%/2)^1 + (1000*8%/2) / (1+8%/2)^1 + .+ (1000*8%/2) / (1+8%/2)^18 = 493.63
再计算现在你卖出债券的价格是多少：PV = (1000*5%/2) / (1+5%/2)^1 + (1000*5%/2) / (1+5%/2)^1 + .+ (1000*5%/2) / (1+5%/2)^10 = 781.20
所以你的资金收益为：(781.20 - 493.63) / 493.63 = 58%
第6题：
5年前,ABC公司发行了一些公司债券,年息8000,每半年付4000,期限10年,面值1,000,000.然而最近ABC公司由于财务困难,进行了债务重组,今后的年息不再支付,直到到期后一次性支付.今后的利息以6%的年息进行复利计算,债券的折扣率由于重组后风险增加,从之前的7%增加到现在的每年15%.那么现在这个债券的售价是多少?
现在债券的售价就是债券的折现值：PV = 1000000 / (1+15%-6%)^5 = 649,931.39
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