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

答案和详解如下：

11.A 20-year, 9 percent semi-annual coupon bond selling for $1,000 offers a yield to maturity of:

A)   10%.

B)   9%.

C)   11%.

D)   8%.

The correct answer was B)

N = (20 × 2) = 40
pmt = 90/2 = 45
PV = -1000
FV = 1000
cpt i = ? = 4.5×2 = 9%

12.A 20-year, $1,000 face value, 10 percent semi-annual coupon bond is selling for $875. The bond's yield to maturity is:

A)   5.81%.

B)   10.00%.

C)   11.62%.

D)   11.43%.

The correct answer was C)

N = 40 (2 * 20 years), PMT = 50 (0.10 * 1,000)/2, PV = -875, FV = 1,000, CPT I/Y = 5.811 * 2 (for annual rate) = 11.62%

13.A 20-year, 10 percent semi-annual coupon bond selling for $925 has a promised yield to maturity (YTM) of:

A)   9.23%.

B)   10.64%.

C)   10.93%.

D)   11.23%.

The correct answer was C)

N = 40, PMT = 50, PV = -925, FV = 1,000, CPT I/Y.

14.A 30-year 10 percent annual coupon bond is sold at par. It can be called at the end of 10 years for $1,100. What is the bond's yield to call (YTC)?

A)   8.9%.

B)   10.0%.

C)   10.6%.

D)   10.2%.

The correct answer was C)

n = 10, PMT = 100, PV = 1,000, FV = 1,100, compute i = 10.6.

15．To estimate the actual return of a bond when a callable bond's market price is higher than par use:

A)   YTC.

B)   YTM.

C)   HPY.

D)   HPR.

The correct answer was A)

To estimate the return at the point of a call the yield to call (YTC) measure is used.  This is different than the YTM because the YTC uses the call price as the future value and uses the time to first call instead of the time to maturity.