CFA考试指定计算器TI BaII-Plus使用方法.pdf

CFA考试指定计算器TI BaII Plus使用方法CFA考试指定计算器TI BaII Plus使用方法 2016年6月CFA考试已不久远 考生们都如火如荼的备考着 浦江财经老师也一 刻不停息的为学员们解答着各Level的疑惑 近期不少学员询问TI BaII Plus的使用方法 众所周知TI BaII Plus是CFA考试指定 计算器 但是还是有许多新老考生出现不会使用情况 这样其实对CFA考试是 硬伤 浦江财经觉得有必要整理一篇文档 来和大家来说说如何正确快速的使 用TI BaII Plus计算器 2016年6月CFA考试已不久远 考生们都如火如荼的备考着 浦江财经老师也一 刻不停息的为学员们解答着各Level的疑惑 近期不少学员询问TI BaII Plus的使用方法 众所周知TI BaII Plus是CFA考试指定 计算器 但是还是有许多新老考生出现不会使用情况 这样其实对CFA考试是 硬伤 浦江财经觉得有必要整理一篇文档 来和大家来说说如何正确快速的使 用TI BaII Plus计算器 浦江财经 CHARTERED FINANCIAL ANALYST Texas BA II Calculator Workshop 浦江财经 CHARTERED FINANCIAL ANALYST Setting up your BAII 浦江财经 Calculator Workshop Setting up your calculator BAII Plus Decimal places don t use the sample standard deviation x 4 3589 10 00000 If it doesn t you ve not put the probabilities in correctly n 100 00000 If it doesn t press until it does 1 V k Display showsInput X 浦江财经 CHARTERED FINANCIAL ANALYST Using the AMORT Function 浦江财经 Calculator Workshop USING THE AMORT FUNCTION Amortizing bonds BigCorp Inc issues at par a 200 000 8 5 coupon annual coupon 30 year fixed rate amortising bond How much interest is paid off in year one 1 747 196 643 16 863 18 610 198 3902 1 610 198 390 17 000 18 610 200 0001 PrincipalEndingInterestPaymentOpeningYear Example 浦江财经 Calculator Workshop Work out the payment that will amortize the bond to zero over it s life 30 8 5 200 0000 0 18 610 12 2 Now we use the amortization function to observe the bond K K BAL 198 389 88 PRN 1 610 12 INT 17 000 浦江财经 CHARTERED FINANCIAL ANALYST Lease Accounting Using the AMORT Function 浦江财经 Calculator Workshop Equipment is leased for 4 years on 1 1 03 Lease payments 1 000 due on 31 12 Rate implicit in the lease 10 Economic life of the asset 5 years Current fair market value of the asset 3 500 Show the effect of the above lease on the financial statements Example Accounting for leases by a lessee 浦江财经 Calculator Workshop 1 Enter the details of the lease into the calculator 4 10 1 0000 0 3 169 87 2 Now we use the amortization function to observe details of the lease at different time periods K K BAL 2 486 85 PRN 683 01 INT 316 99 浦江财经 Calculator Workshop PeriodOpening balance Interest expense income statement 10 Cash payment Closing balance balance sheet 13170317 1 000 2487 22487 3 4 Example Accounting for leases by a lessee 浦江财经 Calculator Workshop Solution Accounting for leases by a lessee PeriodOpening balance Interest expense income statement 10 Cash payment Closing balance balance sheet 13 170317 1 000 2 487 22 487249 1 000 1 736 31 736174 1 000 910 491090 1 000 Nil 浦江财经 CHARTERED FINANCIAL ANALYST Bond Basics 浦江财经 Calculator Workshop How much would you pay for a seven year 4 coupon bond with a face value of 1 000 and where the YTM is 8 Answer 0 Example Calculating the present value of the cash flows 浦江财经 Calculator Workshop Using the YTM valuation approach what is the price of a two year bond with a semi annual coupon of 6 matured at 1000 with a YTM of 4 0 Using the YTM valuation approach what is the price of a two year bond with a semi annual coupon of 6 matured at 1000 with a YTM of 8 0 Example Calculating the present value of the cash flows Example Calculating the present value of the cash flows 浦江财经 Calculator Workshop CALCULATING THE PRESENT VALUE OF THE CASH FLOWS Valuing zero coupon bonds How much would you pay for a seven year zero coupon bond with a face value of 1 000 and where the YTM is 8 Answer 0 Example 浦江财经 YIELD TO MATURITY The interest rate that will make the present value of a bond s cash flows equal to it s market price An application of the IRR What is the YTM on a bond which is currently priced at 802 07 with a 6 semi annual coupon which is to be redeemed at par in 20 years at 1000 0 Calculator Workshop Example 浦江财经 Calculator Workshop A MBS is currently trading at 99 and has three months to maturity The expected cash flows for the remaining three months are 30 35 40 Calculate the cash flow yield Example Cash flow yield 浦江财经 Calculator Workshop A MBS is currently trading at 99 and has three months to maturity The expected cash flows for the remaining three months are 30 35 40 Calculate the cash flow yield 40 C03 35 C02 30 C01 99 CF0 z A A S M Q M F EQ 2 86 1 0286 6 1 18 44 is the 6 monthly compounded rate 18 44 x 2 36 88 is the cash flow yield annualized on a BEY basis Solution Cash flow yield 浦江财经 CHARTERED FINANCIAL ANALYST Bond Accounting Using the AMORT Function 浦江财经 A firm issues a three year bond with a face value of 40 000 Semi annual coupon rate 8 Market interest rate 9 Initial receipt PV of future cash flows discounted at the market rate How much would the firm have raised at issuance Show the interest expense income statement and the value of the liability balance sheet over the three year term of the bond 6 4 5 1600 400000 Calculator Workshop Example 浦江财经 Calculator Workshop PeriodOpening balance Interest expense income statement 4 5 Cash payment Closing balance balance sheet 1389681754 1600 39122 239122 3 4 5 6 Example 浦江财经 Calculator Workshop Solution PeriodOpening balance Interest expense income statement 4 5 Cash payment Closing balance balance sheet 1389681754 1600 39122 2391221760 1600 39282 3392821768 1600 39450 4394501775 1600 39625 5396251783 1600 39808 6398081792 1600 40000 浦江财经 Calculator Workshop The input for P1 is the start time period and P2 the end time period so for the second year P1 and P2 should be set to 3 and 4 respectively remember each year is 2 time periods INT 3 514 06 PRN 314 07 BAL 39 282 49 L P2 K P1 Input for Yr 1 Display showsInput 浦江财经 CHARTERED FINANCIAL ANALYST Depreciation Methods 浦江财经 Calculator Workshop Depreciation methods using the calculator The cal