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标题: Reading 5: The Time Value of Money- LOS b～ Q1-3 [打印本页]

作者: mayanfang1 时间: 2008-12-29 16:25 标题: [2009] Session 2 - Reading 5: The Time Value of Money- LOS b～ Q1-3

Q1. Which one of the following statements best describes the components of the required interest rate on a security?

A) The nominal risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

B) The real risk-free rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

C) The real risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

Q2. T-bill yields can be thought of as:

A) nominal risk-free rates because they do not contain an inflation premium.

B) real risk-free rates because they contain an inflation premium.

C) nominal risk-free rates because they contain an inflation premium.

Q3. The real risk-free rate can be thought of as:

A) exactly the nominal risk-free rate reduced by the expected inflation rate.

B) approximately the nominal risk-free rate reduced by the expected inflation rate.

C) approximately the nominal risk-free rate plus the expected inflation rate.

[此贴子已经被作者于2008-12-29 17:00:14编辑过]

作者: mayanfang1 时间: 2008-12-29 16:25

答案和详解如下：

Q1. Which one of the following statements best describes the components of the required interest rate on a security?

A) The nominal risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

B) The real risk-free rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

C) The real risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.

Correct answer is C)

The required interest rate on a security is made up of the nominal rate which is in turn made up of the real risk-free rate plus the expected inflation rate. It should also contain a liquidity premium as well as a premium related to the maturity of the security.

Q2. T-bill yields can be thought of as:

A) nominal risk-free rates because they do not contain an inflation premium.

B) real risk-free rates because they contain an inflation premium.

C) nominal risk-free rates because they contain an inflation premium.

Correct answer is C)

T-bills are government issued securities and are therefore considered to be default risk free. More precisely, they are nominal risk-free rates rather than real risk-free rates since they contain a premium for expected inflation.

Q3. The real risk-free rate can be thought of as:

A) exactly the nominal risk-free rate reduced by the expected inflation rate.

B) approximately the nominal risk-free rate reduced by the expected inflation rate.

C) approximately the nominal risk-free rate plus the expected inflation rate.

Correct answer is B)

The approximate relationship between nominal rates, real rates and expected inflation rates can be written as:

Nominal risk-free rate = real risk-free rate + expected inflation rate.

Therefore we can rewrite this equation in terms of the real risk-free rate as:

Real risk-free rate = Nominal risk-free rate – expected inflation rate

The exact relation is: (1 + real)(1 + expected inflation) = (1 + nominal)

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