答案和详解如下： 26．Assuming the risk-free rate is 5 percent and the appropriate risk premium for an A-rated issuer is 4 percent, the appropriate discount rate for an A-rated corporate bond is: A) 9%. B) 5%. C) 4%. D) 1%. The correct answer was A) The yield on a risky bond = appropriate risk-free rate + appropriate risk premium. 27．Given a required yield to maturity of 6 percent, what is the intrinsic value of a semi-annual pay coupon bond with an 8 percent coupon and 15 years remaining until maturity? A) $1,196. B) $1,202. C) $1,095. D) $987. The correct answer was A) This problem can be solved most easily using your financial calculator. Using semiannual payments, I = 6/2 = 3%, PMT = 80/2 = $40, N = 15x2 = 30; FV = $1,000. Solve for PV = $1,196. 28．What is the present value of a 7% semiannual-pay bond with a $1,000 face value and 20 years to maturity if similar bonds are now yielding 8.25%? A) $1,000.00. B) $879.52. C) $878.56. D) $912.34. The correct answer was C) N = 20 * 2 = 40; I/Y = 8.25/2 = 4.125; PMT = 70/2 = 35; and FV = 1,000. Compute PV = 878.56. 29．An investor gathered the following information on two zero-coupon bonds: 1-year, $800 par, zero-coupon bond valued at $762
2-year, $10,800 par, zero-coupon bond valued at $9,796 Given the above information, how much should an investor pay for a $10,000 par, 2-year, 8 percent, annual-pay coupon bond? A) $10,000. B) $10,558. C) $9,796. D) $11,600. The correct answer was B) A coupon bond can be viewed simply as a portfolio of zero-coupon bonds. The value of the coupon bond should simply be the summation of the present values of the two zero-coupon bonds. Hence, the value of the 2-year annual-pay bond should be $10,558 ($762 + $9,796). 30．An investor gathered the following information on three zero-coupon bonds: 1-year, $600 par, zero-coupon bond valued at $571
2-year, $600 par, zero-coupon bond valued at $544
3-year, $10,600 par, zero-coupon bond valued at $8,901 Given the above information, how much should an investor pay for a $10,000 par, 3-year, 6 percent, annual-pay coupon bond? A) $10,000. B) $10,600. C) $10,016. D) Cannot be determined by the information provided. The correct answer was C) A coupon bond can be viewed simply as a portfolio of zero-coupon bonds. The value of the coupon bond should simply be the summation of the present values of the three zero-coupon bonds. Hence, the value of the 3-year annual-pay bond should be $10,016 (571 + 544 + 8,901). | 
发表于 2008-4-14 13:59
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