56．A newly issued ten-year option-free bond is valued at par on 1 June 2000. The bond has an annual coupon of 8.0 percent. On 1 June 2003, the bond has a yield to maturity of 7.1 percent. The first coupon is reinvested at 8.0 percent and the second coupon is reinvested at 7.0 percent. The future price of the bond on 1 June 2003 is closest to:

Select exactly 1 answers from the following:
A. 100.0% of par.
B. 102.5% of par.
C. 104.8% of par.
D. 105.4% of par.

答案和详解如下！
Feedback: Correct answer: C

Fixed Income Analysis for the Chartered Financial Analyst Program, 2nd edition, Frank J. Fabozzi (Frank J. Fabozzi Associates, 2004), pp. 129?34

2006 Modular Level I, Vol. IV, pp. 145-150

Study Session 15-66-c

determine the appropriate interest rates for valuing a bond抯 cash flows, compute the value of a bond, given the expected annual or semiannual cash flows and the appropriate single (constant) or multiple (arbitrage-free rate curve) discount rates, explain how the value of a bond changes if the discount rate increases or decreases, and compute the change in value that is attributable to the rate change, and explain how the price of a bond changes as the bond approaches its maturity date, and compute the change in value that is attributable to the passage of time

On 1 June 2003, the bond has seven years to maturity, an annual coupon payment of $80, and a discount rate of 7.1%. The value of the bond is $1,048.33 or 104.833% of par.

[此贴子已经被作者于2006-11-22 11:37:33编辑过]

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