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%.
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发表于 2008-12-30 17:27
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