| 答案和详解如下： Q1. An investor expects a stock currently selling for $20 per share to increase to $25 by year-end. The dividend last year was $1 but he expects this year's dividend to be $1.25. What is the expected holding period return on this stock? A) 31.25%. B) 24.00%. C) 28.50%. Correct answer is A) Return = [dividend + (end − begin)] / beginning price R = [1.25 + (25 − 20)] / 20 = 6.25 / 20 = 0.3125 Q2. An investor is considering investing in Tawari Company for one year. He expects to receive $2 in dividends over the year and feels he can sell the stock for $30 at the end of the year. To realize a return on the investment over the year of 14%, the price the investor would pay for the stock today is closest to: A) $28. B) $29. C) $32. Correct answer is A) HPR = [Dividend + (Ending price − Beginning price)] / Beginning price 0.14 = [2 + (30 − P)] / P 1.14P = 32 so P = $28.07 Q3. An investor buys a 10 3/8 treasury note for 103 11/32 and sells it one year later for 101 13/32. What is the holding period yield? A) 8.14%. B) 8.16%. C) 8.22%. Correct answer is B) 103 11/32 = 103.344% or $1,033.44 101 13/32 = 101.406% or $1,014.06 A coupon of 10 3/8 = 10.375% or $103.75 The rate of return equals the [(ending cash flows − the beginning cash flows) / beginning price] × 100 = [(1014.06 + 103.75 − 1033.44) / 1033.44] × 100 = 8.16% Q4. A bond that pays $100 in interest each year was purchased at the beginning of the year for $1,050 and sold at the end of the year for $1,100. An investor's holding period return is: A) 10.5%. B) 10.0%. C) 14.3%. Correct answer is C) Input into your calculator: N = 1; FV = 1,100; PMT = 100; PV = -1,050; CPT → I/Y = 14.29 Q5. When Annette Famigletti hears that a baseball-loving friend is coming to visit, she purchases two premium-seating tickets for $45 per ticket for an evening game. As the date of the game approaches, Famigletti’s friend telephones and says that his trip has been cancelled. Fortunately for Famigletti, the tickets she holds are in high demand as there is chance that the leading Major League Baseball hitter will break the home run record during the game. Seeing an opportunity to earn a high return, Famigletti puts the tickets up for sale on an internet site. The auction closes at $150 per ticket. After paying a 10% commission to the site (on the amount of the sale) and paying $8 total in shipping costs, Familgletti’s holding period return is approximately: A) 182%. B) 191%. C) 202%. Correct answer is B) The holding period return is calculated as: (ending price − beginning price +/- any cash flows) / beginning price. Here, the beginning and ending prices are given. The other cash flows consist of the commission of $30 (0.10 × 150 × 2 tickets) and the shipping cost of $8 (total for both tickets). Thus, her holding period return is: (2 × 150 − 2 × 45 − 30 − 8) / (2 × 45) = 1.91, or approximately 191%. | 
发表于 2008-12-30 16:36
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