单选题 A company issues $10 million in 8 percent annual, 5-year bonds, when the market rate is 8.25 percent, The initial balance sheet liability and liability one year from the date of issue are closest to: Initial Liability Liability One Year Later A. $9900837 $9884018 B. $9900837 $9917656 C. $10000000 $9975000

【正确答案】 B

【答案解析】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.