问题
单项选择题
A company issues $10 million in 8% annual,5 -year bonds, when the market rate is 8.25%. The initial balance sheet liability and liability one year from the date of issue are closest to: Initial liability Liability one year later （）
A. ①
B. ②
C. ③
答案
参考答案：B
解析：
PMT=800000; FV=10000000; N=5; I/Y=8.25; CPT→PV=$ 9900837 Interest expense=9900836.51×0.0825=$ 816819.01 Year-end adjustment=816819.01-800000=$16819.01 Year-end debt=$ 9900836.51+$16819.01=$ 9917655.52 Note: Since this is a discount bond, we know the value will increase each year, so we really didn’t have to do any calculations to answer this question.