AutoSave BC Bodie_9Ce_Ch16 а %D Home Insert Draw Page Layout Formulas Data Review View >> Comments ✓ Share ₁ A = = %▾ Clipboard Font Alignment Number Conditional Formatting Format as Table Cell Styles (D) Cells Editing Sensitivity Add-ins Analyze Data Yes No Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? × ✓ fx D12/(1+$B$45)^B12 J K *Weight = Present value of each payment (Column E) divided by the bond price E12 A B с D 1 Time until 2 Payment 3 Period (Years) Cash flow E PV of CF (Discount rate- 5% per period) F G H Column (C) Weight* times Column (F) 4 6% Yield Curve Flat 1 0.5 10,000,000 9433962.264 0.0627 0.0313 5 2 1.0 10,000,000 8899964.400 0.0592 0.0592 6 3 1.5 10,000,000 8396192.830 0.0558 0.0837 7 4 2.0 10,000,000 7920936.632 0.0526 0.1053 8 Sum: 5 2.5 10,000,000 7472581.729 0.0497 0.1242 9 6 3.0 10,000,000 7049605.404 0.0469 0.1406 10 7 3.5 10,000,000 6650571.136 0.0442 0.1547 11 8 4.0 10,000,000 6274123.713 0.0417 0.1668 12 9 4.5 10,000,000 5918984.635 0.0393 0.1770 13 10 5.0 10,000,000 5583947.769 0.0371 0.1856 14 Sum: 11 5.5 10,000,000 5267875.254 0.0350 0.1926 15 12 6.0 10,000,000 4969693.636 0.0330 0.1982 16 13 6.5 10,000,000 4688390.222 0.0312 0.2025 17 14 7.0 10,000,000 4423009.644 0.0294 0.2058 18 15 7.5 10,000,000 4172650.607 0.0277 0.2080 19 16 8.0 10,000,000 3936462.837 0.0262 0.2093 20 17 8.5 10,000,000 3713644.186 0.0247 0.2098 21 18 9.0 10,000,000 3503437.911 0.0233 0.2096 22 19 9.5 10,000,000 3305130.105 0.0220 0.2087 23 20 10.0 10,000,000 3118047.269 0.0207 0.2072 24 21 10.5 10,000,000 2941554.027 0.0196 0.2053 25 22 11.0 10,000,000 2775050.969 0.0184 0.2029 26 23 11.5 10,000,000 2617972.612 0.0174 0.2001 27 24 12.0 10,000,000 2469785.483 0.0164 0.1970 28 25 12.5 10,000,000 2329986.305 0.0155 0.1936 29 26 13.0 10,000,000 2198100.288 0.0146 0.1899 30 27 13.5 10,000,000 2073679.517 0.0138 0.1861 31 28 14.0 10,000,000 1956301.431 0.0130 0.1820 32 29 14.5 10,000,000 1845567.388 0.0123 0.1779 33 30 15.0 10,000,000 1741101.309 0.0116 0.1736 34 31 15.5 10,000,000 1642548.405 0.0109 0.1692 35 32 16.0 10,000,000 1549573.967 0.0103 0.1648 36 33 16.5 10,000,000 1461862.233 0.0097 0.1603 37 34 17.0 10,000,000 1379115.314 0.0092 0.1558 38 35 17.5 10,000,000 1301052.183 0.0086 0.1513 39 36 18.0 10,000,000 1227407.720 0.0082 0.1468 40 37 18.5 10,000,000 1157931.811 0.0077 0.1424 41 38 19.0 10,000,000 1092388.501 0.0073 0.1379 42 39 19.5 10,000,000 1030555.190 0.0068 0.1336 43 40 20.0 10,000,000 972221.877 0.0065 0.1292 44 150462968.715 1.0000 6.6795 45 Semiannual int rate: 0.06 46 47 48 49 Ready Calculations Spreadsheet 16.1 Spreadsheet 16.2 Spreadsheet 16.3 + Accessibility: Investigate 回 82%