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 | 
发表于 2008-4-18 09:48
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