答案和详解如下： 1.A banker’s acceptance that is priced at $99,145 and matures in 72 days at $100,000 has a(n): A) money market yield greater than its discount yield. B) discount yield greater than its bond equivalent yield. C) money market yield greater than its bond equivalent yield. D) bond equivalent yield greater than its effective annual yield. The correct answer was A) The money market yield is the holding period yield times 360/72 and is always greater than the discount yield which is the actual discount from face value times 360/72, since the holding period yield is always greater than the percentage discount from face value. A security’s discount yield and its money market yield are always less than its bond equivalent yield, and its effective annual yield is always greater than its bond equivalent yield.
2.A firm is choosing among three short-term investment securities:
Security 1 - A 30-day U.S. Treasury bill with a discount yield of 3.6%.
Security 2 - A 30-day banker’s acceptance selling at 99.65% of face value.
Security 3 - A 30-day time deposit with a bond equivalent yield of 3.65%. Based only on these securities’ yields, the firm would: A) prefer the banker’s acceptance. B) be indifferent between the banker’s acceptance and the time deposit. C) prefer the U.S. Treasury bill. D) prefer the time deposit. The correct answer was A) We can compare the yields of these securities on any single basis. The preferred basis is the bond equivalent yield. Security 1 = discount is 3.6%(30/360) = 0.3%
BEY = (0.3/99.7) (365/30) = 3.661% BEY of Security 2 = (0.35/99.65) x (365/30) = 4.273%
BEY of Security 3 = 3.65% | 
发表于 2008-4-9 10:13
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