CFA论坛 - Powered by Discuz! Board

标题: Reading 6: Discounted Cash Flow Applications - LOS d, (Par [打印本页]

作者: mayanfang1 时间: 2008-12-30 17:27 标题: [2009] Session 2 - Reading 6: Discounted Cash Flow Applications - LOS d, (Par

Q11. A 3-month loan has a holding period yield of 1.5%. What is the annual yield of this loan on a bond-equivalent basis?

A) 6.05%.

B) 6.65%.

C) 3.02%.

Q12. What is the effective annual yield of a T-bill that has a money market yield of 5.665% and 255 days to maturity?

A) 5.92%.

B) 4.01%.

C) 5.79%.

Q13. A Treasury bill has 90 days until its maturity and a holding period yield of 3.17%. Its effective annual yield is closest to:

A) 13.49%.

B) 13.30%.

C) 12.68%.

Q14. A Treasury bill, with 45 days until maturity, has an effective annual yield of 12.50%. The bill's holding period yield is closest to:

A) 1.46%.

B) 1.57%.

C) 1.54%.

作者: mayanfang1 时间: 2008-12-30 17:30

答案和详解如下：

Q11. A 3-month loan has a holding period yield of 1.5%. What is the annual yield of this loan on a bond-equivalent basis?

A) 6.05%.

B) 6.65%.

C) 3.02%.

Correct answer is A)

First, the 3-month yield must be converted to a semiannual yield. The result is then doubled to obtain the bond-equivalent yield.

Semiannual yield = 1.015² − 1 = 0.030225.
The bond-equivalent yield = 2 × 0.030225 = 0.06045.

Q12. What is the effective annual yield of a T-bill that has a money market yield of 5.665% and 255 days to maturity?

A) 5.92%.

B) 4.01%.

C) 5.79%.

Correct answer is C)

Holding Period Yield = 4.0127% = 5.665% × (255 / 360)

Effective Annual Yield = (1.040127)^365/255 = 1.0571 − 1 = 5.79%.

Q13. A Treasury bill has 90 days until its maturity and a holding period yield of 3.17%. Its effective annual yield is closest to:

A) 13.49%.

B) 13.30%.

C) 12.68%.

Correct answer is A)

The effective annual yield (EAY) is equal to the annualized holding period yield (HPY) based on a 365-day year. EAY = (1 + HPY)^365/t − 1 = (1.0317) ^365/90 − 1 = 13.49%.

Q14. A Treasury bill, with 45 days until maturity, has an effective annual yield of 12.50%. The bill's holding period yield is closest to:

A) 1.46%.

B) 1.57%.

C) 1.54%.

Correct answer is A)

The effective annual yield (EAY) is equal to the annualized holding period yield (HPY) based on a 365-day year. EAY = (1 + HPY)^365/t − 1. HPY = (EAY + 1)^t/365 − 1 = (1.125)^45/365 − 1 = 1.46%.

作者: yuki0618 时间: 2009-1-3 01:32

3

作者: zeraeh 时间: 2009-2-16 10:36

看答案，谢谢LZ

作者: abletang 时间: 2009-2-17 12:42

Thanks

作者: xinqingcc 时间: 2009-3-2 01:38

看看

作者: hjl2000 时间: 2009-3-29 12:55

d

作者: connie198226 时间: 2009-4-1 11:08

ss

作者: kgbvvsscia 时间: 2009-4-6 10:25

谢谢了  哈哈

作者: fange520 时间: 2009-4-6 20:48

abaa

作者: hollyhe 时间: 2009-4-7 14:13

d

作者: alecliang 时间: 2009-4-9 09:15

3x

作者: gracesun 时间: 2009-4-11 07:22

 thanks

作者: big36999 时间: 2009-4-14 09:31

xx

作者: gterzf 时间: 2009-4-14 23:05

看那看

作者: dullmul 时间: 2009-4-28 19:18

thx

作者: ruyueyu 时间: 2009-4-28 20:38

 thanks!

作者: Michjay 时间: 2009-5-1 00:14

 a

作者: cynthia85 时间: 2009-5-7 01:29

a

作者: deqiang 时间: 2009-5-13 06:12

 ok

作者: hijacker 时间: 2009-5-13 12:01

答案

作者: vivianegao 时间: 2009-5-19 22:50

 ok

作者: helloalan 时间: 2009-5-22 21:44

 acbc

作者: yangxi_sisi 时间: 2009-5-26 15:59

d

作者: lawrence82 时间: 2009-5-26 21:21

3x

作者: itispig2 时间: 2009-5-30 19:21

1

作者: 大狗狗 时间: 2009-5-31 14:05

K

作者: jw564 时间: 2009-6-2 12:16

thx

作者: ariz3260 时间: 2009-6-2 13:48

 thx

作者: kin009 时间: 2009-6-6 19:27

p

作者: smm911 时间: 2009-7-15 17:39

Thanks

作者: josephine_loh 时间: 2009-7-16 11:20

tq

作者: ch_914 时间: 2009-7-20 19:14

THANKS

作者: jzwx 时间: 2009-7-27 16:07

thanks

作者: killmekillu 时间: 2009-7-30 03:56

rty

作者: 流浪狗 时间: 2009-7-31 00:10

thanks

作者: iriscaist 时间: 2009-7-31 14:14

3x

作者: danielchung 时间: 2009-7-31 18:00

don't know

作者: luodan0103 时间: 2009-8-28 16:28

thanks

作者: allenhsu 时间: 2009-8-28 21:26

up

作者: ohwow_my 时间: 2009-9-9 14:05

  thanks

作者: tobuketsu 时间: 2009-9-14 00:06 标题: re

 th

作者: lby198322 时间: 2009-9-29 22:40

d

作者: wenganyang 时间: 2009-10-1 03:36

dsf

作者: loyalvirgo 时间: 2009-10-7 12:54

acba

作者: garmun 时间: 2009-10-13 23:01

 tq

作者: willansu 时间: 2009-10-14 12:06

thanks

作者: doralin 时间: 2009-10-27 10:42

[em11]

作者: casey11 时间: 2009-10-27 15:00

11

作者: haisian 时间: 2009-11-7 13:25

2009] Session 2 - Reading 6: Discounted Cash Flow Applications - LOS d, (Part 2) ～ Q11-14

作者: tin_wo 时间: 2009-11-12 11:47

tk

作者: solitute 时间: 2009-11-16 18:46

thanks

作者: sibrinall 时间: 2009-11-16 19:26

answer

作者: mellsa 时间: 2009-11-17 14:05

fff

作者: 张总 时间: 2009-11-22 00:50

谢谢

作者: frych 时间: 2009-11-24 10:50

 dd

作者: psudo 时间: 2009-11-24 12:31

作者: jrxx99 时间: 2009-12-10 13:56

了拉了拉拉了拉了

作者: Vicky724 时间: 2009-12-15 05:40

w xiang kan

作者: zoomair 时间: 2010-2-2 21:38

THANKS

作者: lwtzwy 时间: 2010-2-20 22:06

作者: flyingdance_nan 时间: 2010-3-11 02:35

great

作者: jerrywang0 时间: 2010-4-5 17:27

thank you

作者: jerrywang0 时间: 2010-4-5 17:28

thank you

作者: lovemom 时间: 2010-4-5 23:18

thx

作者: shuru1207 时间: 2010-5-5 05:33

thnx

作者: gacket 时间: 2010-5-7 03:13

 谢谢

作者: 0939 时间: 2010-5-8 23:54

[em51] 

作者: aarongreen 时间: 2010-5-12 17:21

xx

作者: annyyu 时间: 2010-5-15 03:58

re

作者: chenxu200312 时间: 2010-5-22 07:39

d

作者: casiofd 时间: 2010-8-16 15:03

thx

作者: scofield1985 时间: 2010-10-12 21:16

D

作者: echopapa 时间: 2010-10-21 10:54

thx

作者: Teleey 时间: 2010-10-24 10:45

猜吧，猜错了不犯法

作者: lufy 时间: 2010-10-26 14:36

thx

作者: Martial5 时间: 2010-10-26 15:37

2

作者: linsenhahaxiao 时间: 2010-10-29 12:42

thanks

作者: joanna1988 时间: 2010-10-31 13:34

h

作者: seraphiris0116 时间: 2010-11-6 16:32

thanks

作者: xwsh0325 时间: 2010-11-16 00:41

d

作者: btz2009 时间: 2010-11-16 01:26

谢谢

作者: 祈愿修神 时间: 2011-3-31 14:10

11

作者: kepei7763 时间: 2011-5-29 00:03

thx

作者: dlvictim 时间: 2011-5-29 13:54

ss

作者: songxiantan 时间: 2011-6-3 13:35

Thanks

作者: FOREVER396 时间: 2011-6-18 20:36

HAVE A LOOK

作者: shing1314 时间: 2011-8-15 13:19

thanks for sharing

作者: stockhunter 时间: 2011-8-29 22:42

有不懂
看答案！

作者: inferior8899 时间: 2011-9-1 00:21

看答案！！！！！！！！！！！！！

作者: marvin_ngo 时间: 2011-9-1 14:44

many thanks

欢迎光临 CFA论坛 (http://forum.theanalystspace.com/)