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L15.2028 - Finance I (2025/2026)
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Assume that today is your 25thbirthday and you intend to have $40787 in your bank account when you turn 41 years old. Your bank gives you the opportunity of earning an effective interest rate of 2,49% per year on its deposits.
How much do you need to deposit on your 25thbirthday to achieve your goal?
Note: consider that the only deposit made is on your 25th birthday.
How much will the cash flow that you will receive four years from now be worth 6 semesters from now?
Your bank offers you an effective quarterly interest rate of 4,4%. You expect to receive €5138 four years from now.
How much will the cash flow that you will receive four years from now be worth 20 semesters from now?
Consider that on 31/12/2019 the company OldSystems also has the following bonds outstanding (5 different types of bonds: A, X, Y, Z and W), all with the same type of risk and there are no accrued interests:
Bond X | Bond Y | Bond Z | Bond W | |
Time left to maturity (years) | 1 | 2 | 3 | 4 |
Face Value | €100 | €100 | €100 | €100 |
Coupon rate | 0.00% | 0.00% | 5.00% | 0.00% |
Price | 98.0392 | 95.1814 | 105.7509 | 87.1442 |
Compute the arbitrage gain at t = 0 from an arbitrage strategy on which you sell short 53x20 units of Bond Y (for example 5x20 =100, which implies that you sell short 100 units of bond Y).
Note: there are only accepted strategies that generate a payoff > 0 at t=0 and a payoff = 0 for t>0.
For question 1 and 2 consider the following data:
Consider that in 30/12/2017 the company OldSystems issued several bonds (denoted Bond A) with 3% annual coupons, a face value of $1000 and a maturity of 6 years. The bond pays coupons to bondholders every year on the same day on which they were issued.
Consider that today is 31/12/2019 and you observe that investors are demanding an YTM of 5,296% to buy this bond.
Compute the price of this bond on 31/12/2019.
How many points will you be awarded if you use as a decimal separator “,” instead of “.”? (Assuming that your value is correct)
If you get 20 in Quiz 0, only the best quiz will count for your final grade. However, if you do not get 20 in Quiz 0, all online quizzes will be counted for your final grade.
What will happen if you do not submit the quiz due to some technical problem?
What will happen if you round up some number? Suppose, for example, that the true answer is 5.9 and that you get a value of 5.7.
Introduce 5.7 as the answer.
When you need to present a numerical value, how many decimal places should you use?