6、A Treasury bill (T-bill) with a face value of $10,000 and 44 days until maturity has a holding period yield of 1.1247 percent. Which of the following is closest to the effective annual yield on the T-bill?

A)   12.47%.

B)   1.27%.

C)   8.76%.

D)   9.72%.

7、A Treasury bill (T-bill) with a face value of $10,000 and 219 days until maturity is selling for 97.375 percent of face value. Which of the following is closest to the holding period yield on the T-bill if held until maturity?

A)   2.70%.

B)   2.63%.

C)   2.81%.

D)   2.54%.

8、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is the bank discount yield?

A)   5.14%.

B)   4.18%.

C)   5.41%.

D)   2.04%.

9、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is its holding period yield?

A)   2.04%.

B)   5.14%.

C)   5.25%.

D)   4.08%.

10、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is the money market yield?

A)   5.41%.

B)   2.04%.

C)   4.08%.

D)   5.25%.

答案和详解如下：

6、A Treasury bill (T-bill) with a face value of $10,000 and 44 days until maturity has a holding period yield of 1.1247 percent. Which of the following is closest to the effective annual yield on the T-bill?

A)   12.47%.

B)   1.27%.

C)   8.76%.

D)   9.72%.

The correct answer was

The formula for the effective annual yield is: ((1 + HPY)^365/t) –1.  therefore, the EAY is: ((1.011247)^(365/44)) – 1= 0.0972, or 9.72%

7、A Treasury bill (T-bill) with a face value of $10,000 and 219 days until maturity is selling for 97.375 percent of face value. Which of the following is closest to the holding period yield on the T-bill if held until maturity?

A)   2.70%.

B)   2.63%.

C)   2.81%.

D)   2.54%.

The correct answer was A)

The formula for holding period yield is: (P₁ – P₀ + D₁)/(P₀), where D₁ for a T-bill is zero (it does not have a coupon).  Therefore, the HPY is: ($10,000 – $9,737.50)/($9,737.50) = 0.0270 = 2.70%.

Alternatively (100 / 97.375) - 1 = 0.02696.

8、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is the bank discount yield?

A)   5.14%.

B)   4.18%.

C)   5.41%.

D)   2.04%.

The correct answer was A)

Actual discount is 2%, annualized discount is: 0.02(360 / 140) = 5.14%

9、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is its holding period yield?

A)   2.04%.

B)   5.14%.

C)   5.25%.

D)   4.08%.

The correct answer was A)    

The holding period yield is the return the investor will earn if the T-bill is held to maturity. HPY = (100,000 – 98,000)/98,000 = 0.0204, or 2.04%.

10、A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is the money market yield?

A)   5.41%.

B)   2.04%.

C)   4.08%.

D)   5.25%.

The correct answer was D)    

The money market yield is equivalent to the holding period yield annualized based on a 360-day year. = (2,000/98,000)(360/140) = 0.0525, or 5.25%.