答案和详解如下： 16．A coupon bond that pays interest annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 12 percent? A) $1,077.22 B) $1,075.82. C) $927.90. D) $1,000.00. The correct answer was B) FV = 1,000
N = 5
I = 10
PMT = 120
PV = ?
PV = 1,075.82. 17．A coupon bond that pays interest semi-annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 8 percent? A) $922.78. B) $1,144.31. C) $1,221.17. D) $956.71. The correct answer was A) FV = 1,000
N = 10
PMT = 40
I = 5
PV = ?
PV = 922.78 18．A bond with a face value of $1,000 pays a semi-annual coupon of $60. It has 15 years to maturity and a yield to maturity of 16 percent per year. What is the value of the bond? A) $774.84. B) $832.88. C) $943.06. D) $697.71. The correct answer was A) FV = 1,000
PMT = 60
N = 30
I = 8
PV = ?
PV = 774.84 19．An investor purchased a 6-year annual interest coupon bond one year ago. The coupon rate of interest was 10 percent and par value was $1,000. At the time she purchased the bond, the yield to maturity was 8 percent. The amount paid for this bond one year ago was: A) $1,125.53. B) $1,198.07. C) $1,092.46. D) $1,215.51. The correct answer was C) N = 6
PMT = (0.10)(1,000) = 100
I = 8
FV = 1,000
PV = ?
PV = 1,092.46 20．Today an investor purchases a $1000 face value, 10 percent, 20-year, semi-annual bond at a discount for $900. He wants to sell the bond in 6 years when he estimates the yields will be 9 percent. What is the estimate of the future price? A) $946. B) $1,152. C) $1,000. D) $1,079. The correct answer was D) In 6 years, there will be 14 years (20 - 6), or 14 × 2 = 28 semi-annual periods remaining of the bond's life So, §
n = (20 – 6)(2) = 28 §
pmt = (1000 ×.10)/2 = 50 §
i/y = 9/2 = 4.5 §
FV = 1000 §
cpt PV = 1,079 Note: Calculate the PV (we are interested in the PV 6 years from now), not the FV. | 
发表于 2008-4-14 13:52
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