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honeycfa

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发表于 2010-4-25 13:48 | 只看该作者

A zero-coupon bond has a yield to maturity of 9.6% (annual basis) and a par value of $1,000. If the bond matures in 10 years, today's price of the bond would be:

A)
 $422.41.
B)
 $391.54.
C)
 $399.85.

I = 9.6; FV = 1,000; N = 10; PMT = 0; CPT → PV = 399.85

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honeycfa

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12#
发表于 2010-4-25 13:48 | 只看该作者

A 12-year, $1,000 face value zero-coupon bond is priced to yield a return of 7.50% compounded semi-annually. What is the bond’s price?

A)

$250.00

B)

$419.85.

C)

$413.32.



Using an equation: Pricezerocoupon = Face Value × [ 1 / ( 1 + i/n)n × 2] Here, Pricezerocoupon = 1000 × [ 1 / (1+ 0.075/2)12 × 2] = 1000 × 0.41332 = 413.32.

Using the calculator: N = (12 × 2) = 24, I/Y = 7.50 / 2 = 3.75, FV = 1000, PMT = 0. PV = -413.32

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honeycfa

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13#
发表于 2010-4-25 13:48 | 只看该作者

Janet Preen is considering buying a 10-year zero-coupon bond that has a $1,000 face value and is priced to yield 7.25% (semi-annual compounding). What price will Janet pay for the bond?

A)
 $490.58.
B)
 $496.62.
C)
 $1,000.00.


N = 10 × 2 = 20; I/Y = 7.25/2 = 3.625; PMT = 0; FV = 1,000; Compute PV = 490.58 or $1,000/(1.03625)20 = $490.58.

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honeycfa

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14#
发表于 2010-4-25 13:49 | 只看该作者

A 15-year zero coupon bond that has a par value of $1,000 and a required return of 8% would be priced at what value assuming annual compounding periods:

A)
 $315.
B)
 $464.
C)
 $308.



N = 15 FV = 1,000
I = 8
PMT = 0
PV = ?
PV = 315.24

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