BOND PT ABC

Face Value $1,000.00

Coupon 8%
Maturity 10 years

0 1 2 3 4 5 6 7
Cash Flow ($1,000.00) $80.00 $80.00 $80.00 $80.00 $80.00 $80.00 $80.00
Disc rate 8%
PV of future cash flow
NPV

After 1 year $80.00 $80.00 $80.00 $80.00 $80.00 $80.00

Discount rate (opportunity cost) 10%
Discount rate (opportunity cost) 6%
 8 9 10
$80.00 $80.00 $1,080.00

$80.00 $80.00 $1,080.00

DEPOSITO
Akhir tahun ke 0 1 2 3 4 5
Deposito (1,000,000) - - - - 1,610,510
Suku bunga 10%

Total return FV = PV * (1+r)^5

Average annual return (1+r)^5 = (FV/PV)
Average annual return r = (FV/PV) ^ (1/5) - 1

Value on year 3 1,331,000

BOND A - HOLD TO MATURITY (COUPON 10%)

Kupon 10.00%
Pokok (1,000,000) 1,000,000
100,000 100,000 100,000 100,000 100,000
Total Cash Flow (1,000,000) 100,000 100,000 100,000 100,000 1,100,000
Berapapun harga Bond A berubah selama 5 tahun, cash flow akan tetap seperti di atas

Average annual return 10.00%

BOND A - HOLD TO MATURITY (COUPON 10%) SOLD ON YEAR 3

Akhir tahun ke 0 1 2 3 4 5
Pokok Bond A (1,000,000) 1,000,000
Kupon Bond A 10% 100,000 100,000 100,000 100,000 100,000

Cash Flow untuk pembeli Bond A di tahun ke 3 100,000 1,100,000

 Yield to Maturity 15%
Harga pasar 918,715

Total Cash Flow (1,000,000) 100,000 100,000 1,018,715

Average annual return 7.48%

BOND A (i=10%) SOLD AND REPLACED BY BOND B (i=15%) on YEAR 3

Pokok Bond B -
Kupon Bond B - -
- - -
Average return Err:523

Total Cash Flow (1,000,000) 100,000 100,000 1,018,715 - -

Average annual return

- - -
 Bond Face Value Coupon Maturity (years) Price YTM
A 1,000,000 10% 5 100.00 10%
B 1,000,000 8% 5 ?? 10%
C 1,000,000 12% 5 112.50 ??

Year 0 1 2 3 4 5
A Pokok (1,000,000) 1,000,000
Kupon 100,000 100,000 100,000 100,000 100,000
Total cash flow (1,000,000) 100,000 100,000 100,000 100,000 1,100,000
YTM 10%
Value
Price -

B Pokok (1,000,000) 1,000,000

Kupon 80,000 80,000 80,000 80,000 80,000
Total cash flow (1,000,000) 80,000 80,000 80,000 80,000 1,080,000
YTM 10%
Value
Price

C Pokok - 1,000,000
Kupon 120,000 120,000 120,000 120,000 120,000
Total cash flow - 120,000 120,000 120,000 120,000 1,120,000
YTM Err:523
Value
Price
Rp 35,629,700 Rp 35,629,700 Rp 2,036,500
Rp 33,593,200 Rp 5,567,200
Rp 28,026,000 Rp 4,330,800
Rp 23,695,200 Rp 674,751
Rp 23,020,449 Rp 896,000
Rp 22,124,449 Rp 3,019,000
Rp 19,105,449 Rp 1,580,000
Rp 17,525,449 Rp 2,322,000
Rp 15,203,449 Rp 1,261,000
Rp 13,942,449 Rp 1,128,000
Rp 12,814,449 Rp 2,733,000
Rp 10,081,449 Rp 1,879,000
Rp 8,202,449
Rp 7,822,471 Rp 16,024,920

Rp 27,427,251