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标题: Reading 6: Discounted Cash Flow Applications - LOS b ～ Q6 [打印本页]

作者: mayanfang1 时间: 2008-12-30 16:52 标题: [2009] Session 2 - Reading 6: Discounted Cash Flow Applications - LOS b ～ Q6

Q6. 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) 6.25%.

B) 15.0%.

C) 12.5%.

Q7. 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) 27.5%.

B) 22.0%.

C) 24.0%.

Q8. 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) 17.19%.

B) 6.25%.

C) 23.44%.

Q9. 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) 18.7%.

B) 12.1%.

C) 6.0%.

作者: mayanfang1 时间: 2008-12-30 16:53

答案和详解如下：

Q6. 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) 6.25%.

B) 15.0%.

C) 12.5%.

Correct answer is C)

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%.

Q7. 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) 27.5%.

B) 22.0%.

C) 24.0%.

Correct answer is A)

(75 − 60 + 1.50) / 60 = 27.5%.

Q8. 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) 17.19%.

B) 6.25%.

C) 23.44%.

Correct answer is C)

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

HPR = [2 + 37.50 − 32] / 32 = 0.2344.

Q9. 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) 18.7%.

B) 12.1%.

C) 6.0%.

Correct answer is A)

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

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