Monroe 3180 ユーザーガイド
MONROE TRADER II
18
Set the FED/MUNI switch and status line as follows:
ENTER PRESS RESULTS
DISPLAYED
7 COUPON Coupon
Rate
7.000%
1.0592
MAT
Maturity Date Sun.
01-05-1992
DATE
END
END
33.28
TAX
Inc Tax 33% Cap Gains 28%
RATE
92.625
TO
Yield 9.018% (M)
YIELD
AFTER
After-Tax Yield 6.179%
TAX
Find the municipal equivalent after-tax yield for the bond above.
Find the municipal equivalent after-tax yield for the bond above.
ENTER PRESS RESULTS
DISPLAYED
0.28
TAX
Inc Tax 0% Cap Gains 28%
RATE
AFTER
After-Tax Yield 8.617%
TAX
AFTER-TAX YIELD TO PRICE
AFTER-TAX YIELD TO PRICE
To find the price which must be paid to obtain a desired after-tax yield (calculate the before-tax price), use
the DISPLAY, AFTER-TAX keys. Price or yield does not have to be computed prior to calculating the
before-tax price, unless in the CALL+MATURITY mode; in this case, the price or yield must be done first
to determine whether the calculation is to call or to maturity. DISPLAY, AFTER-TAX always uses the
values currently stored for a security and assumes the after-tax yield is entered in the display or is the last
value displayed.
EXAMPLE:
the DISPLAY, AFTER-TAX keys. Price or yield does not have to be computed prior to calculating the
before-tax price, unless in the CALL+MATURITY mode; in this case, the price or yield must be done first
to determine whether the calculation is to call or to maturity. DISPLAY, AFTER-TAX always uses the
values currently stored for a security and assumes the after-tax yield is entered in the display or is the last
value displayed.
EXAMPLE:
What price would you have to pay for the previous bond if you required an after-tax yield
of 7.5%?
ENTER PRESS RESULTS
DISPLAYED
33.28
TAX
Inc Tax 33% Cap Gain 28%
RATE
7.5
DISPLAY
B-Tax Price 86.703
AFTER
TAX
C=0 PER 30/360 SEMI 06-24-87 MATURITY