英语翻译ZERO-COUPONBONDSAzero-couponbond(alsocalledapure-discountbond)isabondthatmakesnopaymentsuntilitsmaturity.Itsparvalue,whichispaidatmaturity,isthecombinedrepaymentofprincipalandalltheinterestoverthebond'

Question

英语翻译
ZERO-COUPON BONDS A zero-coupon bond (also called a pure-discount bond) is a bond that makes no payments until its maturity.Its par value,which is paid at maturity,is the combined repayment of principal and all the interest over the bond's life.Despite the seeming difference,Equation (5.1) can be used to value a zero-coupon bond,or to determine its YTM.
EXAMPLE Computing the YTM of a J.C.Penney Zero-Coupon Bond
J.C.Penney has a zero-coupon bond that will pay $1,000 at maturity in exactly 20 years.The bond is selling for $178.43.What is its YTM?
Using Equation (5.1) with semiannual compounding6 and CPN/2 = 0
The r12 that solves this is 4.40,so the YTM is 8.8% (= 2[4.4]).
Review
1.A recent bond quote provides a good estimate of a bond’s value.How else can you estimate the value of a bond?
2.What is the fair price of a Texaco bond that has an 8% coupon rate,a required return of 10%,matures in exactly 4 years?
3.What is a yield to maturity (YTM)?How do you compute it?
用金山快译 google 或者yahoo翻译的就不要贴上来浪费您宝贵时间啦!

Answer 1

零息债券
零息债券(又称纯折扣债券）是一种在到期日前不做任何支付的债券.它的面值
是由本金和发行期间所产生的利息组成的,而且是在到期日支付.虽然各种零息债券看上去差别很大,但方程5.1可以用来测度一种零息债券的价值,或者决定它的到期收益率.
案例：计算J.C.penney公司的零息债券的到期收益率
J.C.Penney公司发行了一种20年期的面值为1000美元的零息债券.这种债券售价178.43美元.它的到期收益率是多少?
设半年复利为6%,CPN/2 = 0 ,用方程5.1计算
r12算出来是4.40,说以到期收益率为8.8%（=2*4.4）
复习:
1.债券的近期报价很好地估计了债券的价值.你还能用其它方法估算一种债券的价值吗?
2.Texaco公司的一种年复利为8%,期望收益率为10%的4年期债券的合理价格是多少?
3.什么是到期收益率?你怎么计算它?
补充：Using Equation (5.1) with semiannual compounding6 and CPN/2 = 0
The r12 that solves this is 4.40,so the YTM is 8.8% (= 2[4.4]).这两句单独贴出来还是有点confused,你可以把那个计算公式贴出来,更好理解一点.