答案和详解如下： 6．at is the semiannual-pay bond equivalent yield on an annual-pay bond with a yield to maturity of 12.51 percent? A) 12.00%. B) 11.49%. C) 12.51%. D) 12.14%. The correct answer was D) The semiannual-pay bond equivalent yield of an annual-pay bond = 2 * [(1 + yield to maturity on the annual-pay bond)0.5 – 1] = 12.14%. 7．sco Foods has a 10-year bond outstanding with an annual coupon of 6.5 percent. If the bond is currently priced at $1,089.25, which of the following is closest to the bond-equivalent yield of the bond? A) 5.33%. B) 5.42%. C) 5.14%. D) 5.26%. The correct answer was D) First, find the annual yield to maturity of the bond as: FV=$1,000, PMT=$65, N=10, PV= –1,089.25, and solve for I/Y = 5.33%. Then, find the BEY as: 2 × [(1 + YTM)0.5 – 1] = 0.0526 = 5.26%. 8．nsider a 6-year $1,000 par bond priced at $1,011. The coupon rate is 7.5 percent paid semiannually. Six-year bonds with comparable credit quality have a yield to maturity (YTM) of 6 percent. Should an investor purchase this bond? A) No, the bond is overvalued by $64. B) Yes, the bond is undervalued by $64. C) Yes, the bond is undervalued by $38. D) No, the bond is overvalued by $38. The correct answer was B) FV = 1,000
PMT = 37.5
N = 12
I/Y = 3%
CPT PV = 1,074.66
1,074.66 – 1,011 = 64 | 
发表于 2008-4-18 10:25
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