6.A 15-year, 10 percent annual coupon bond is sold for $1,150. It can be called at the end of 5 years for $1,100. What is the bond's yield to call (YTC)?

A)   8.4%.

B)   9.2%.

C)   9.6%.

D)   8.0%.

7.A 20 year, 8 percent semi-annual coupon, $1,000 par value bond is selling for $1,100. The bond is callable in 4 years at $1,080. What is the bond's yield to call?

A)   6.87.

B)   8.13.

C)   7.21.

D)   5.23.

8.What is the current yield for a 5 percent three-year bond whose price is $93.19?

A)   2.68%.

B)   4.94%.

C)   5.37%.

D)   5.00%.

9.A 20-year, 9 percent semi-annual coupon bond selling for $914.20 offers a yield to maturity of:

A)   10%.

B)   9%.

C)   11%.

D)   8%

10.A 20-year, 9 percent annual coupon bond selling for $1,098.96 offers a yield of:

A)   10%.

B)   9%.

C)   8%.

D)   11%.

答案和详解如下：

6.A 15-year, 10 percent annual coupon bond is sold for $1,150. It can be called at the end of 5 years for $1,100. What is the bond's yield to call (YTC)?

A)   8.4%.

B)   9.2%.

C)   9.6%.

D)   8.0%.

The correct answer was D)

Input into your calculator:
N = 5, FV = 1,100, PMT = 100, PV = -1,150
CPT I / Y = 7.95%.

7.A 20 year, 8 percent semi-annual coupon, $1,000 par value bond is selling for $1,100. The bond is callable in 4 years at $1,080. What is the bond's yield to call?

A)   6.87.

B)   8.13.

C)   7.21.

D)   5.23.

The correct answer was A)

n = 4(2) = 8; PMT = 80/2 = 40; PV = -1,100; FV = 1,080

Compute YTC = 3.435(2) = 6.87%

8.What is the current yield for a 5 percent three-year bond whose price is $93.19?

A)   2.68%.

B)   4.94%.

C)   5.37%.

D)   5.00%.

The correct answer was C)

The current yield is computed as follows:

Current yield = 5% x 100 / $93.19 = 5.37%

9.A 20-year, 9 percent semi-annual coupon bond selling for $914.20 offers a yield to maturity of:

A)   10%.

B)   9%.

C)   11%.

D)   8%

The correct answer was A)

N = 40, PMT = 45, PV = -914.20, FV = 1,000, CPT I/Y =5%
YTM = 5% x 2 = 10%

10.A 20-year, 9 percent annual coupon bond selling for $1,098.96 offers a yield of:

A)   10%.

B)   9%.

C)   8%.

D)   11%.

The correct answer was C)

N = 20, PMT = 90, PV = -1,098.96, FV = 1,000, CPT I/Y