1、A bond was purchased exactly one year ago for $910 and was sold today for $1,020. During the year, the bond made two semi-annual coupon payments of $30. What is the holding period return?

A)   6.0%.

B)   12.1%.

C)   18.7%.

D)   6.6%.

2、If an investor bought a stock for $32 and sold it one year later for $37.50 after receiving $2 in dividends, what was the holding period return on this investment?

A)   6.25%.

B)   17.19%.

C)   25.00%.

D)   23.44%.

3、A stock is currently worth $75. If the stock was purchased one year ago for $60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return?

A)   24.0%.

B)   22.0%.

C)   27.5%.

D)   2.5%.

4、An investor sold a 30-year bond at a price of $850 after he purchased it at $800 a year ago. He received $50 of interest at the time of the sale. The annualized holding period return is:

A)   15.0%.

B)   10.0%.

C)   6.25%.

D)   12.5%.

5、When Annette Famigletti hears that a baseball-loving friend is coming to visit, she purchases two premium-seating tickets for $45 per ticket for an evening game. As the date of the game approaches, Famigletti’s friend telephones and says that his trip has been cancelled. Fortunately for Famigletti, the tickets she holds are in high demand as there is chance that the leading Major League Baseball hitter will break the home run record during the game. Seeing an opportunity to earn a high return, Famigletti puts the tickets up for sale on an internet site. The auction closes at $150 per ticket. After paying a 10% commission to the site (on the amount of the sale) and paying $8 total in shipping costs, Familgletti’s holding period return is approximately:

A)   202%.

B)   91%.

C)   182%.

D)   191%.

答案和详解如下：

1、A bond was purchased exactly one year ago for $910 and was sold today for $1,020. During the year, the bond made two semi-annual coupon payments of $30. What is the holding period return?

A)   6.0%.

B)   12.1%.

C)   18.7%.

D)   6.6%.

The correct answer was C)

HPY = (1,020 + 30 + 30 –910)/910 = 0.1868 or 18.7%

2、If an investor bought a stock for $32 and sold it one year later for $37.50 after receiving $2 in dividends, what was the holding period return on this investment?

A)   6.25%.

B)   17.19%.

C)   25.00%.

D)   23.44%.

The correct answer was D)

HPR = [D + End Price - Beg Price]/Beg Price

HPR = [2 + 37.50 - 32]/32 = .2344

3、A stock is currently worth $75. If the stock was purchased one year ago for $60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return?

A)   24.0%.

B)   22.0%.

C)   27.5%.

D)   2.5%.

The correct answer was C)

(75 – 60 + 1.50)/60 = 27.5%

4、An investor sold a 30-year bond at a price of $850 after he purchased it at $800 a year ago. He received $50 of interest at the time of the sale. The annualized holding period return is:

A)   15.0%.

B)   10.0%.

C)   6.25%.

D)   12.5%.

The correct answer was D)

The holding period return (HPR) is calculated as follows:

HPR = (P_t - P_t-1 + D_t) / P_t

where:
P_t = price per share at the end of time period t
D_t = cash distributions received during time period t.

Here, HPR = (850 - 800 + 50) / 800 = 0.1250, or 12.50%.

5、When Annette Famigletti hears that a baseball-loving friend is coming to visit, she purchases two premium-seating tickets for $45 per ticket for an evening game. As the date of the game approaches, Famigletti’s friend telephones and says that his trip has been cancelled. Fortunately for Famigletti, the tickets she holds are in high demand as there is chance that the leading Major League Baseball hitter will break the home run record during the game. Seeing an opportunity to earn a high return, Famigletti puts the tickets up for sale on an internet site. The auction closes at $150 per ticket. After paying a 10% commission to the site (on the amount of the sale) and paying $8 total in shipping costs, Familgletti’s holding period return is approximately:

A)   202%.

B)   91%.

C)   182%.

D)   191%.

The correct answer was D)

The holding period return is calculated as: (ending price – beginning price +/- any cash flows) / beginning price. Here, the beginning and ending prices are given. The other cash flows consist of the commission of $30 (0.10 * 150 * 2 tickets) and the shipping cost of $8 (total for both tickets). Thus, her holding period return is: (2 * 150 – 2 * 45 – 30 - 8) / (2 * 45) = 1.91, or approximately 191%.