Copyright

Walt Disney Company's Slepping Beauty Bonds-Duration Analysis-courseware

Harvard Business School Case 294-038
Courseware 9-208-725

This courseware was prepared by Professor Carliss Y. Baldwin solely for students as the basis
for class discussion. Cases are not intended to serve as endorsements, sources of primary
data, or illustrations of effective or ineffective management. Copyright 2008 President and
Fellows of Harvard College. No part of this product may be reproduced, stored in a retrieval
system, used in a spreadsheet or transmitted in any form or by any meanselectronic,
mechanical, photocopying, recording or otherwisewithout the permission of Harvard
Business School.

1
 363230248.xls

Sleeping Beauty Basic Spreadsheet

Calendar Relative Cash Flow Present
Year Year per $100 Value

1993 0 75.50
1994 1 7.55
1995 2 7.55
1996 3 7.55
1997 4 7.55
1998 5 7.55
1999 6 7.55
2000 7 7.55
2001 8 7.55
2002 9 7.55
2003 10 7.55
2004 11 7.55
2005 12 7.55
2006 13 7.55
2007 14 7.55
2008 15 7.55
2009 16 7.55
2010 17 7.55
2011 18 7.55
2012 19 7.55
2013 20 7.55
2014 21 7.55
2015 22 7.55
2016 23 7.55
2017 24 7.55
2018 25 7.55
2019 26 7.55
2020 27 7.55
2021 28 7.55
2022 29 7.55
2023 30 7.55

Page 2
 363230248.xls

Sleeping Beauty Present Value as a Function of the Interest Rate

Calendar Relative Cash Flow Interest Present
Year Year per $100 Rates Values

1993 0 2% $339.20
1994 1 7.55 3% $243.78
1995 2 7.55 4% $186.99
1996 3 7.55 5% $150.61
1997 4 7.55 6% $125.76
1998 5 7.55 7% $107.85
1999 6 7.55 8% $94.38
2000 7 7.55 9% $83.89
2001 8 7.55 10% $75.50
2002 9 7.55 11% $68.64
2003 10 7.55 12% $62.92
2004 11 7.55 13% $58.08
2005 12 7.55 14% $53.93
2006 13 7.55 15% $50.33
2007 14 7.55 16% $47.19
2008 15 7.55 17% $44.41
2009 16 7.55 18% $41.94
2010 17 7.55 19% $39.74
2011 18 7.55 20% $37.75
2012 19 7.55 100% $7.55
2013 20 7.55 500% $1.51
2014 21 7.55 1000% $0.76
2015 22 7.55
2016 23 7.55
2017 24 7.55
2018 25 7.55
2019 26 7.55
2020 27 7.55

Page 3
 363230248.xls

the Interest Rate

Page 4
 363230248.xls

Sleeping Beauty Bonds of Different Maturity

Cash Flow per $100

Calendar Relative Sleeping Napping
Year Year Beauties Beauties

1993 0
1994 1 7.55 7.55
1995 2 7.55 7.55
1996 3 7.55 7.55
1997 4 7.55 7.55
1998 5 7.55 7.55
1999 6 7.55 7.55
2000 7 7.55 7.55
2001 8 7.55 7.55
2002 9 7.55 7.55
2003 10 7.55 107.55
2004 11 7.55
2005 12 7.55
2006 13 7.55
2007 14 7.55
2008 15 7.55
2009 16 7.55
2010 17 7.55
2011 18 7.55
2012 19 7.55
2013 20 7.55
2014 21 7.55
2015 22 7.55
2016 23 7.55

2017 24 7.55
2018 25 7.55
2019 26 7.55
2020 27 7.55
2021 28 7.55
2022 29 7.55
2023 30 7.55
2024 31 7.55
2025 32 7.55

Page 5
 363230248.xls

2026 33 7.55
2027 34 7.55
2028 35 7.55
2029 36 7.55
2030 37 7.55
2031 38 7.55
2032 39 7.55

Page 6
 363230248.xls

ifferent Maturity

Present Value
Present Values Interest Sleeping Napping
for 10 Year
Bond Rates Beauties Beauties

2% $339.20 $149.85
7.02 3% $243.78 $138.81
6.53 4% $186.99 $128.79
6.07 5% $150.61 $119.69
5.64 6% $125.76 $111.41
5.25 7% $107.85 $103.86
4.88 7.55% $100.00 $100.00
4.54 8% $94.38 $96.98
4.22 9% $83.89 $90.69
3.92 10% $75.50 $84.95
51.94 11% $68.64 $79.68
12% $62.92 $74.86
13% $58.08 $70.43
14% $53.93 $66.36
15% $50.33 $62.61
16% $47.19 $59.16
17% $44.41 $55.98
18% $41.94 $53.04
19% $39.74 $50.32
20% $37.75 $47.80

Napping Bea
$160.00

$140.00

$120.00

$100.00

$80.00 Page 7

$60.00
$160.00

$140.00
363230248.xls
$120.00

$100.00

$80.00

$60.00

$40.00

$20.00

$0.00
0% 5% 10% 15%

Page 8
 363230248.xls

Napping Beauties

Page 9
 363230248.xls

10% 15% 20% 25%

Page 10
 363230248.xls

Present Value of a 100-year and a 10-year

Bond as a Function of the Interest Rate
Present Value

$200.00

$150.00
100-year bonds

$100.00
10-year bonds

$50.00

$0.00
2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
Interest Rate

Page 11
 363230248.xls

Sleeping Beauty Calculation of Duration

Calendar Relative
Year Year Sleeping Beauties 10-Year Bond

Interest 7.55% 7.55%

Rate
Duration
(in Years) 14.24 7.37
1993 0
1994 1 7.02 7.02 7.02 7.02
1995 2 6.53 13.05 6.53 13.05
1996 3 6.07 18.21 6.07 18.21
1997 4 5.64 22.57 5.64 22.57
1998 5 5.25 26.23 5.25 26.23
1999 6 4.88 29.27 4.88 29.27
2000 7 4.54 31.75 4.54 31.75
2001 8 4.22 33.74 4.22 33.74
2002 9 3.92 35.29 3.92 35.29
2003 10 3.65 36.46 51.94 519.41
2004 11 3.39 37.29
2005 12 3.15 37.83
2006 13 2.93 38.10
2007 14 2.73 38.15
2008 15 2.53 38.01
2009 16 2.36 37.70
2010 17 2.19 37.24
2011 18 2.04 36.66
2012 19 1.89 35.98
2013 20 1.76 35.22
2014 21 1.64 34.38
2015 22 1.52 33.49
2016 23 1.42 32.56
2017 24 1.32 31.59
2018 25 1.22 30.59
2019 26 1.14 29.58
2020 27 1.06 28.56
2021 28 0.98 27.54
2022 29 0.91 26.52
2023 30 0.85 25.51
2024 31 0.79 24.51
2025 32 0.74 23.53
2026 33 0.68 22.56
2027 34 0.64 21.61
2028 35 0.59 20.68
2029 36 0.55 19.78

Page 12
 363230248.xls

2030 37 0.51 18.90

2031 38 0.48 18.05
2032 39 0.44 17.23
2033 40 0.41 16.43
2034 41 0.38 15.66
2035 42 0.36 14.91
2036 43 0.33 14.20
2037 44 0.31 13.51
2038 45 0.29 12.84
2039 46 0.27 12.21
2040 47 0.25 11.60
2041 48 0.23 11.01
2042 49 0.21 10.45
2043 50 0.20 9.92
2044 51 0.18 9.41
2045 52 0.17 8.92
2046 53 0.16 8.45
2047 54 0.15 8.01
2048 55 0.14 7.58
2049 56 0.13 7.18
2050 57 0.12 6.79
2051 58 0.11 6.43
2052 59 0.10 6.08
2053 60 0.10 5.75
2054 61 0.09 5.43
2055 62 0.08 5.13
2056 63 0.08 4.85
2057 64 0.07 4.58
2058 65 0.07 4.33
2059 66 0.06 4.09
2060 67 0.06 3.86
2061 68 0.05 3.64
2062 69 0.05 3.43
2063 70 0.05 3.24
2064 71 0.04 3.05
2065 72 0.04 2.88
2066 73 0.04 2.71
2067 74 0.03 2.56
2068 75 0.03 2.41
2069 76 0.03 2.27
2070 77 0.03 2.14
2071 78 0.03 2.02
2072 79 0.02 1.90
2073 80 0.02 1.79
2074 81 0.02 1.68
2075 82 0.02 1.58
2076 83 0.02 1.49
2077 84 0.02 1.40
2078 85 0.02 1.32
2079 86 0.01 1.24

Page 13
 363230248.xls

2080 87 0.01 1.17

2081 88 0.01 1.10
2082 89 0.01 1.03
2083 90 0.01 0.97
2084 91 0.01 0.91
2085 92 0.01 0.86
2086 93 0.01 0.81
2087 94 0.01 0.76
2088 95 0.01 0.71
2089 96 0.01 0.67
2090 97 0.01 0.63
2091 98 0.01 0.59
2092 99 0.01 0.55
2093 100 0.07 7.42

Page 14
 363230248.xls

30-Year Bond 30-Year Zero

7.55% 7.55%

12.64 30.00

7.02 7.02 0 0
6.53 13.05 0 0
6.07 18.21 0 0
5.64 22.57 0 0
5.25 26.23 0 0
4.88 29.27 0 0
4.54 31.75 0 0
4.22 33.74 0 0
3.92 35.29 0 0
3.65 36.46 0 0
3.39 37.29 0 0
3.15 37.83 0 0
2.93 38.10 0 0
2.73 38.15 0 0
2.53 38.01 0 0
2.36 37.70 0 0
2.19 37.24 0 0
2.04 36.66 0 0
1.89 35.98 0 0
1.76 35.22 0 0
1.64 34.38 0 0
1.52 33.49 0 0
1.42 32.56 0 0
1.32 31.59 0 0
1.22 30.59 0 0
1.14 29.58 0 0
1.06 28.56 0 0
0.98 27.54 0 0
0.91 26.52 0 0
12.11 363.43 100 3000

Page 15
363230248.xls

Page 16
363230248.xls

Page 17
 363230248.xls

Sleeping Beauty Sensitivity Up

Calendar Relative Sleeping 10-Year 30-Year

Year Year Beauty Bond Bond
Interest 7.55% 7.55% 7.55%
Rate

Value 100.00 100.00 100.00

% Ch. In Value 11.69% 6.55% 10.70%

1993 0
1994 1 7.02 7.02 7.02
1995 2 6.53 6.53 6.53
1996 3 6.07 6.07 6.07
1997 4 5.64 5.64 5.64
1998 5 5.25 5.25 5.25
1999 6 4.88 4.88 4.88
2000 7 4.54 4.54 4.54
2001 8 4.22 4.22 4.22
2002 9 3.92 3.92 3.92
2003 10 3.65 51.94 3.65
2004 11 3.39 3.39
2005 12 3.15 3.15
2006 13 2.93 2.93
2007 14 2.73 2.73
2008 15 2.53 2.53
2009 16 2.36 2.36
2010 17 2.19 2.19
2011 18 2.04 2.04
2012 19 1.89 1.89
2013 20 1.76 1.76
2014 21 1.64 1.64
2015 22 1.52 1.52
2016 23 1.42 1.42
2017 24 1.32 1.32
2018 25 1.22 1.22
2019 26 1.14 1.14
2020 27 1.06 1.06
2021 28 0.98 0.98
2022 29 0.91 0.91
2023 30 0.85 12.11
2024 31 0.79
2025 32 0.74
2026 33 0.68
2027 34 0.64
2028 35 0.59
2029 36 0.55
2030 37 0.51

Page 18
 363230248.xls

2031 38 0.48
2032 39 0.44
2033 40 0.41
2034 41 0.38
2035 42 0.36
2036 43 0.33
2037 44 0.31
2038 45 0.29
2039 46 0.27
2040 47 0.25
2041 48 0.23
2042 49 0.21
2043 50 0.20
2044 51 0.18
2045 52 0.17
2046 53 0.16
2047 54 0.15
2048 55 0.14
2049 56 0.13
2050 57 0.12
2051 58 0.11
2052 59 0.10
2053 60 0.10
2054 61 0.09
2055 62 0.08
2056 63 0.08
2057 64 0.07
2058 65 0.07
2059 66 0.06
2060 67 0.06
2061 68 0.05
2062 69 0.05
2063 70 0.05
2064 71 0.04
2065 72 0.04
2066 73 0.04
2067 74 0.03
2068 75 0.03
2069 76 0.03
2070 77 0.03
2071 78 0.03
2072 79 0.02
2073 80 0.02
2074 81 0.02
2075 82 0.02
2076 83 0.02
2077 84 0.02
2078 85 0.02
2079 86 0.01
2080 87 0.01

Page 19
 363230248.xls

2081 88 0.01
2082 89 0.01
2083 90 0.01
2084 91 0.01
2085 92 0.01
2086 93 0.01
2087 94 0.01
2088 95 0.01
2089 96 0.01
2090 97 0.01
2091 98 0.01
2092 99 0.01
2093 100 0.07

Page 20
 363230248.xls

30-Year Sleeping 10-Year 30-Year 30-Year

Zero Beauty Bond Bond Zero
7.55% 8.55% 8.55% 8.55% 8.55%

100.00 88.31 93.45 89.30 75.76

24.24%

0 6.96 6.96 6.96 0

0 6.41 6.41 6.41 0
0 5.90 5.90 5.90 0
0 5.44 5.44 5.44 0
0 5.01 5.01 5.01 0
0 4.61 4.61 4.61 0
0 4.25 4.25 4.25 0
0 3.92 3.92 3.92 0
0 3.61 3.61 3.61 0
0 3.32 47.35 3.32 0
0 3.06 3.06 0
0 2.82 2.82 0
0 2.60 2.60 0
0 2.39 2.39 0
0 2.21 2.21 0
0 2.03 2.03 0
0 1.87 1.87 0
0 1.72 1.72 0
0 1.59 1.59 0
0 1.46 1.46 0
0 1.35 1.35 0
0 1.24 1.24 0
0 1.14 1.14 0
0 1.05 1.05 0
0 0.97 0.97 0
0 0.89 0.89 0
0 0.82 0.82 0
0 0.76 0.76 0
0 0.70 0.70 0
100 0.64 9.18 75.7560998842
0.59
0.55
0.50
0.46
0.43
0.39
0.36

Page 21
 363230248.xls

0.33
0.31
0.28
0.26
0.24
0.22
0.20
0.19
0.17
0.16
0.15
0.14
0.12
0.12
0.11
0.10
0.09
0.08
0.08
0.07
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01

Page 22
 363230248.xls

0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03

Page 23
 363230248.xls

Sleeping Beauty Sensitivity Down

Calendar Relativeleeping10-Year30-Year30-Year Sleeping 10-Year

Year Year Beauty Bond Bond Zero Beauty Bond

Interest 7.55% 7.55% 7.55% 7.55% 0.07 0.07

Rate

Value 100.00 100.00 100.00 100.00 115.24 107.17

% Ch. In Value 15.24% 7.17% 12.99% 32.35%

1993 0
1994 1 7.02 7.02 7.02 0 7.09 7.09
1995 2 6.53 6.53 6.53 0 6.65 6.65
1996 3 6.07 6.07 6.07 0 6.24 6.24
1997 4 5.64 5.64 5.64 0 5.86 5.86
1998 5 5.25 5.25 5.25 0 5.50 5.50
1999 6 4.88 4.88 4.88 0 5.16 5.16
2000 7 4.54 4.54 4.54 0 4.84 4.84
2001 8 4.22 4.22 4.22 0 4.54 4.54
2002 9 3.92 3.92 3.92 0 4.27 4.27
2003 10 3.65 51.94 3.65 0 4.00 57.03
2004 11 3.39 3.39 0 3.76
2005 12 3.15 3.15 0 3.53
2006 13 2.93 2.93 0 3.31
2007 14 2.73 2.73 0 3.11
2008 15 2.53 2.53 0 2.92
2009 16 2.36 2.36 0 2.74
2010 17 2.19 2.19 0 2.57
2011 18 2.04 2.04 0 2.41
2012 19 1.89 1.89 0 2.26
2013 20 1.76 1.76 0 2.12
2014 21 1.64 1.64 0 1.99
2015 22 1.52 1.52 0 1.87
2016 23 1.42 1.42 0 1.75
2017 24 1.32 1.32 0 1.65
2018 25 1.22 1.22 0 1.55
2019 26 1.14 1.14 0 1.45
2020 27 1.06 1.06 0 1.36
2021 28 0.98 0.98 0 1.28
2022 29 0.91 0.91 0 1.20
2023 30 0.85 12.11 100 1.13
2024 31 0.79 1.06
2025 32 0.74 0.99
2026 33 0.68 0.93
2027 34 0.64 0.87
2028 35 0.59 0.82
2029 36 0.55 0.77

Page 24
 363230248.xls

2030 37 0.51 0.72

2031 38 0.48 0.68
2032 39 0.44 0.64
2033 40 0.41 0.60
2034 41 0.38 0.56
2035 42 0.36 0.53
2036 43 0.33 0.49
2037 44 0.31 0.46
2038 45 0.29 0.43
2039 46 0.27 0.41
2040 47 0.25 0.38
2041 48 0.23 0.36
2042 49 0.21 0.34
2043 50 0.20 0.32
2044 51 0.18 0.30
2045 52 0.17 0.28
2046 53 0.16 0.26
2047 54 0.15 0.25
2048 55 0.14 0.23
2049 56 0.13 0.22
2050 57 0.12 0.20
2051 58 0.11 0.19
2052 59 0.10 0.18
2053 60 0.10 0.17
2054 61 0.09 0.16
2055 62 0.08 0.15
2056 63 0.08 0.14
2057 64 0.07 0.13
2058 65 0.07 0.12
2059 66 0.06 0.11
2060 67 0.06 0.11
2061 68 0.05 0.10
2062 69 0.05 0.09
2063 70 0.05 0.09
2064 71 0.04 0.08
2065 72 0.04 0.08
2066 73 0.04 0.07
2067 74 0.03 0.07
2068 75 0.03 0.06
2069 76 0.03 0.06
2070 77 0.03 0.06
2071 78 0.03 0.05
2072 79 0.02 0.05
2073 80 0.02 0.05
2074 81 0.02 0.04
2075 82 0.02 0.04
2076 83 0.02 0.04
2077 84 0.02 0.04
2078 85 0.02 0.03
2079 86 0.01 0.03

Page 25
 363230248.xls

2080 87 0.01 0.03

2081 88 0.01 0.03
2082 89 0.01 0.03
2083 90 0.01 0.03
2084 91 0.01 0.02
2085 92 0.01 0.02
2086 93 0.01 0.02
2087 94 0.01 0.02
2088 95 0.01 0.02
2089 96 0.01 0.02
2090 97 0.01 0.02
2091 98 0.01 0.02
2092 99 0.01 0.01
2093 100 0.07 0.19

Page 26
 363230248.xls

30-Year 30-Year
Bond Zero

0.07 0.07

112.99 132.35

7.09 0.00
6.65 0.00
6.24 0.00
5.86 0.00
5.50 0.00
5.16 0.00
4.84 0.00
4.54 0.00
4.27 0.00
4.00 0.00
3.76 0.00
3.53 0.00
3.31 0.00
3.11 0.00
2.92 0.00
2.74 0.00
2.57 0.00
2.41 0.00
2.26 0.00
2.12 0.00
1.99 0.00
1.87 0.00
1.75 0.00
1.65 0.00
1.55 0.00
1.45 0.00
1.36 0.00
1.28 0.00
1.20 0.00
16.03 132.35

Page 27
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Sleeping Beauty The Relation between Duration and Interest Rate Sen
Sleeping 10-Year 30-Year 30-Year
Beauty Bond Bond Zero

% Ch if Rate Down 1% 15.2% 7.2% 13.0% 32.4%

Duration 14.24 7.37 12.64 30.00

% Ch. If Rate Up 1% 11.7% 6.6% 10.7% 24.2%

Page 28
 363230248.xls

n and Interest Rate Sensitivity

Page 29
 Raw Value Of Present Value
Year Cash Flows of Cash Flows
1994 7.55 6.8636
1995 7.55 6.2397
1996 7.55 5.6724
1997 7.55 5.1568
1998 7.55 4.6880
1999 7.55 4.2618
2000 7.55 3.8743
2001 7.55 3.5221
2002 7.55 3.2019
2003 7.55 2.9109
2004 7.55 2.6462
2005 7.55 2.4057
2006 7.55 2.1870
2007 7.55 1.9882
2008 7.55 1.8074
2009 7.55 1.6431
2010 7.55 1.4937
2011 7.55 1.3579
2012 7.55 1.2345
2013 7.55 1.1223
2014 7.55 1.0202
2015 7.55 0.9275
2016 7.55 0.8432
2017 7.55 0.7665
2018 7.55 0.6968
2019 7.55 0.6335
2020 7.55 0.5759
2021 7.55 0.5235
2022 7.55 0.4759
2023 7.55 0.4327
2024 7.55 0.3933
2025 7.55 0.3576
2026 7.55 0.3251
2027 7.55 0.2955
2028 7.55 0.2687
2029 7.55 0.2442
2030 7.55 0.2220
2031 7.55 0.2018
2032 7.55 0.1835
2033 7.55 0.1668
2034 7.55 0.1517
2035 7.55 0.1379
2036 7.55 0.1253
2037 7.55 0.1139
2038 7.55 0.1036
2039 7.55 0.0942
2040 7.55 0.0856
2041 7.55 0.0778
2042 7.55 0.0707
2043 7.55 0.0643
2044 7.55 0.0585
2045 7.55 0.0532
2046 7.55 0.0483
2047 7.55 0.0439
2048 7.55 0.0399
2049 7.55 0.0363
2050 7.55 0.0330
2051 7.55 0.0300
2052 7.55 0.0273 120
2053 7.55 0.0248
2054 7.55 0.0225
2055 7.55 0.0205
2056 7.55 0.0186
2057 7.55 0.0169
2058 7.55 0.0154
2059 7.55 0.0140 100
2060 7.55 0.0127
2061 7.55 0.0116
2062 7.55 0.0105
2063 7.55 0.0096
2064 7.55 0.0087
2065 7.55 0.0079
2066 7.55 0.0072 80
2067 7.55 0.0065
2068 7.55 0.0059
2069 7.55 0.0054
2070 7.55 0.0049
2071 7.55 0.0045
2072 7.55 0.0041
60
2073 7.55 0.0037
2074 7.55 0.0034
2075 7.55 0.0030
2076 7.55 0.0028
2077 7.55 0.0025
2078 7.55 0.0023
2079 7.55 0.0021 40
2080 7.55 0.0019
2081 7.55 0.0017
2082 7.55 0.0016
2083 7.55 0.0014
2084 7.55 0.0013
2085 7.55 0.0012
2086 7.55 0.0011 20
2087 7.55 0.0010
2088 7.55 0.0009
2089 7.55 0.0008
2090 7.55 0.0007
2091 7.55 0.0007
2092 7.55 0.0006
2093 107.55 0.0078 0
1980 2000 2020
2020 2040 2060 2080 2100
 Raw Value Of Cash Flows
Present Value of Cash
Flows

80 2100
Year PV for 30 Year Sleeping Beauty Bond
1993

1994 $7.02
1995 $6.53
1996 $6.07
1997 $5.64
1998 $5.25
1999 $4.88
2000 $4.54
2001 $4.22
2002 $3.92
2003 $3.65
2004 $3.39
2005 $3.15
2006 $2.93
2007 $2.73
2008 $2.53
2009 $2.36
2010 $2.19
2011 $2.04
2012 $1.89
2013 $1.76
2014 $1.64
2015 $1.52
2016 $1.42
2017 $1.32
2018 $1.22
2019 $1.14
2020 $1.06
2021 $0.98
2022 $0.91
2023 $12.11
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079
2080
2081
2082
2083
2084
2085
2086
2087
2088
2089
2090
2091
2092
2093
PV for a Zero-Coupon 30 Year Bond

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$100.00
PV for a 10 Year Bond PV for a 100 Year Bond

7.02 7.02
6.53 6.53
6.07 6.07
5.64 5.64
5.25 5.25
4.88 4.88
4.54 4.54
4.22 4.22
3.92 3.92
51.94 3.65
3.39
3.15
2.93
2.73
2.53
2.36
2.19
2.04
1.89
1.76
1.64
1.52
1.42
1.32
1.22
1.14
1.06
0.98
0.91
0.85
0.79
0.74
0.68
0.64
0.59
0.55
0.51 $14.00
0.48
0.44 $12.00
0.41
0.38
$10.00
0.36
0.33
0.31 $8.00
0.29
0.27 $6.00
0.25
0.23 $4.00
0.21

$2.00

$0.00
 $6.00

$4.00

0.20
0.18 $2.00
0.17
0.16 $0.00
0.15 1990 1995
0.14
0.13
0.12
0.11
0.10
0.10
0.09
0.08
0.08
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01 8.00
0.01
0.01
0.01 7.00
0.01
0.01 6.00
0.01
0.01
0.01 5.00
0.01
0.01 4.00
0.01
0.01
0.01 3.00
0.07
2.00

1.00

0.00
1980
3.00

2.00

1.00

0.00
1980
 Mid Points Year
PV for 30 Year Sleeping Beauty
Bond 2002-03
PV for a Zero-Coupon 30 Year
Bond 2023
PV for a 10 Year Bond 2002-03
PV for a 100 Year Bond 2002-03

PV for a 10 Year Bond

60.00

50.00

40.00

30.00

20.00

10.00

0.00
1992 1994 1996 1998 2000 2002

PV for 30 Year Sleeping Beauty Bond

$14.00

$12.00

$10.00

$8.00

PV fo
$6.00

$4.00

$2.00

$0.00
 PV fo
$6.00

$4.00

$2.00

$0.00
1990 1995 2000 2005 2010 2015 2020 2025

PV for a Zero-Coupon 30 Year Bond

$120.00

$100.00

$80.00

$60.00 PV for a Zero-Coup

$40.00

$20.00

$0.00
1990 1995 2000 2005 2010 2015 2020 2025

PV for a 100 Year Bond

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00
1980 2000 2020 2040 2060 2080
3.00

2.00

1.00

0.00
1980 2000 2020 2040 2060 2080
d

2002 2004

PV for 30 Year Sleeping Beauty Bond

 PV for 30 Year Sleeping Beauty Bond

2025

PV for a Zero-Coupon 30 Year Bond

nd

2080 2100
2080 2100