By Douglas C. Montgomery

This ebook is set using glossy statistical tools for quality controls and development. It offers finished assurance of the topic from easy ideas to state-of-art recommendations and functions. the target is to offer the reader a valid knowing of the rules and the root for making use of them in numerous either product and nonproduct events. whereas statistical strategies are emphasised all through, the ebook has a robust engineering and administration orientation.

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**Extra resources for Introduction to Statistical Quality Control, Student Resource Manual - 4th Edition**

**Example text**

Financial arithmetic: The time value of money Bond prices are expressed ‘per 100 nominal’ – that is, as a percentage of the bond’s face value. 00, this means that for every $100 of the bond’s face value, a buyer would pay $98. The principles of pricing in the bond market are the same as those in other financial markets: the price of a financial instrument is equal to the sum of the present values of all the future cash flows from the instrument. The interest rate used to derive the present values of the cash flows, known as the discount rate, is key, since it reflects where the bond is trading and how its return is perceived by the market.

Comparable bonds have similar discount rates. The following sections explain the traditional approach to bond pricing for plain-vanilla instruments, making certain assumptions to keep the analysis simple. INTRODUCTION TO BONDS 9 Present value and discounting Since fixed-income instruments are essentially collections of cash flows, it is useful to begin by reviewing two key concepts of cash flow analysis: discounting and present value. Understanding these concepts is essential. In the following discussion, the interest rates cited are assumed to be the market-determined rates.

This involves estimating a value for r and INTRODUCTION TO BONDS 25 calculating the price associated with it. If the calculated price is higher than the bond’s current price, the estimate for r is lower than the actual yield, so it must be raised. This process of calculation and adjustment up or down is repeated until the estimates converge on a level that generates the bond’s current price. To differentiate redemption yield from other yield and interest-rate measures described in this book, it will be referred to as rm.