Một trái phiếu có mệnh giá 500.000 đồng, lãi suất 5%/năm, thời hạn trái phiếu 3 năm, thanh toán theo mệnh giá vào cuối kỳ hạn. Nếu lãi suất yêu cầu là 6% thì giá trái phiếu sẽ là:
Trả lời:
Đáp án đúng: C
The present value of the bond is calculated by discounting the bond's cash flows back to the present. In this case, the bond pays interest of 5% per year on a face value of 500,000 VND, which is 25,000 VND per year for 3 years. In addition, the bond also repays the face value of 500,000 VND at the end of year 3.
The formula for calculating the bond price is:
PV = (C / (1 + r)^1) + (C / (1 + r)^2) + (C + FV) / (1 + r)^3
Where:
* PV is the present value (bond price)
* C is the annual coupon interest (25,000 VND)
* r is the required rate of return (6% = 0.06)
* FV is the face value (500,000 VND)
Substituting the numbers into the formula:
PV = (25,000 / (1 + 0.06)^1) + (25,000 / (1 + 0.06)^2) + (25,000 + 500,000) / (1 + 0.06)^3
PV = (25,000 / 1.06) + (25,000 / 1.1236) + (525,000 / 1.191016)
PV = 23,584.9 + 22,250.7 + 440,799.3
PV = 486,634.9 VND
Therefore, the bond price is 486,634.9 VND.
