这是一份 Imperial帝国理工大学 FINANCE 1122作业代写的成功案例
The 6 percent coupon bond with maturity 2002 starts with 3 years left until maturity and sells for $\$ 1,010.77$. At the end of the year, the bond has only 2 years to maturity and investors demand an interest rate of 7 percent. Therefore, the value of the bond becomes
$$
\mathrm{PV} \text { at } 7 \%=\frac{\$ 60}{(1.07)}+\frac{\$ 1,060}{(1.07)^{2}}=\$ 981.92
$$
You invested $\$ 1,010.77$. At the end of the year you receive a coupon payment of $\$ 60$ and have a bond worth $\$ 981.92$. Your rate of return is therefore
Rate of return $=\frac{\$ 60+(\$ 981.92-\$ 1,010.77)}{\$ 1,010.77}=.0308$, or $3.08 \%$
The yield to maturity at the start of the year was $5.6$ percent. However, because interest rates rose during the year, the bond price fell and the rate of return was below the yield to maturity.
FINANCE 1122 COURSE NOTES ：
You are now in a position to determine the value of shares in United. If investors demand a return of $r=10$ percent, then price today should be
$P_{0}=\mathrm{PV}$ (dividends from Years 1 to 3 ) $+\mathrm{PV}$ (forecast stock price in Year 3)
$$
\begin{aligned}
\mathrm{PV}(\text { dividends }) &=\frac{\$ 1.00}{1.10}+\frac{\$ 1.20}{1.10^{2}}+\frac{\$ 1.44}{1.10^{3}}=\$ 2.98 \
\mathrm{PV}\left(P_{H}\right) &=\frac{\$ 30.24}{(1.10)^{3}}=\$ 22.72 \
P_{0} &=\$ 2.98+\$ 22.72=\$ 25.70
\end{aligned}
$$