问题:
(1)股票价值=1×(P/A,12%,3)+1×(1+5%)/12%-5%)×(P/F,12%,3)=1×2.4018+15×0.7118=13.08(元)(2)设投资收益率为r,则20=1×(P/F,r,1)+1×(1+10%)×(P/F,r,2)+1×(1+10%)×(1+5%)/(r-5%)×(P/F,r,2)即:20=1×(P/F,r,1)+1.1×(P/F,r,2)+1.155/(r-5%)×(P/F,r,2)20=1×(P/F,r,1)+[1.1+1.155/(r-5%)]×(P/F,r,2)当r=10%时,1×(P/F,10%,1)+[1.1+1.155/(10%-5%)]×(P/F,10%,2)=20.908(元)当r=12%时,1×(P/F,12%,1)+[1.1+1.155/(12%-5%)]×(P/F,12%,2)=14.924(元)利用内插法可知:(20.908-20)/(20.908-14.924)=(10%-r)/(10%-12%)解得:r=10.30%(3)1000×(1+5×8%)/(1+i)=1200,求得i=16.67%(4)债券价值=1000×8%×(P/A,10%,2)+1000×(P/F,10%,2)=80×1.7355+1000×0.8264=965.24(元)所以,当债券价格低于965.24元时,B公司才可以考虑购买。
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