A U.S. investor has purchased a tax-exempt 5-year municipal bond at a yield of
3.86 percent which is 100 basis points less than the yield on a 5-year option-free
U.S. Treasury. If the investor’s marginal tax rate is 32 percent, then the yield ratio
are closest to:
A. 0.79
B. 1.26
C. 5.68
Answer: A
“Understanding Yield Spread,” Frank J. Fabozzi
2009 Modular Level I, Volume 5, pp. 335-336
Study Session 16-63-e, i
Compute, compare, and contrast the various yield spread measures.
Compute the after-tax yield of a taxable security and the tax-equivalent yield of a
tax-exempt security.
Yield ratio = (yield on tax-exempt bond) / (yield of US Treasury) =
3.86 / (3.86 + 100bp) = 3.86 / 4.86 = 0.79
Yield ratio不是应该永远用higher yield/lower yield吗？我选的B。。。晕了.....
[此贴子已经被作者于2009-5-25 6:01:24编辑过] | 
发表于 2009-5-25 06:01
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