Reading 68: Yield Measures, Spot Rates, and Forward Rates

答案和详解如下：

21．A zero coupon bond with a face value of $1,000 has a price of $148. It matures in 20 years. Assuming annual compounding periods, the yield to maturity of the bond is:

A)   9.68%.

B)   11.24%.

C)   14.80%.

D)   10.02%.

The correct answer was D)

PV = -148
N = 20
FV = 1,000
PMT = 0
Compute I = 10.02

22．A $1,000 bond with an annual coupon rate of 10 percent has 10 years to maturity and is currently priced at $800. What is the bond's approximate yield-to-maturity?

A)   11.7%.

B)   12.6%.

C)   13.8%.

D)   10.5%.

The correct answer was C)

FV = 1,000, PMT = 100, N = 10, PV = -800

Compute I = 13.8

23．A 20-year bond with a par value of $1,000 and an annual coupon rate of 6 percent currently trades at $850. It has a promised yield of:

A)   7.9%.

B)   9.6%.

C)   7.5%.

D)   6.8%.

The correct answer was C)

N = 20, FV = 1,000, PMT = 60, PV = -850

Compute I = 7.5

24．A coupon bond pays annual interest, has a par value of $1,000, matures in 4 years, has a coupon rate of $100, and a yield to maturity of 12 percent. The current yield on this bond is:

A)   9.50%.

B)   10.65%.

C)   11.25%.

D)   12.50%.

The correct answer was B)

FV = 1,000, N = 4, PMT = 100, I = 12

Compute PV = 939.25

Current yield = coupon/current price

100/939.25 x 100 = 10.65

25．An 11 percent coupon bond with annual payments and 10 years to maturity is callable in 3 years at a call price of $1,100. If the bond is selling today for 975, the yield to call is:

A)   14.97%.

B)   10.26%.

C)   10.00%.

D)   9.25%.

The correct answer was A)

PMT = 110, N = 3, FV = 1,100, PV = 975

Compute I = 14.97