答案和详解如下： 21．What value would an investor place on a 20-year, $1,000 face value, 10 percent annual coupon bond, if the investor required a 9 percent rate of return? A) $879. B) $920. C) $1,091. D) $1,000. The correct answer was C) N = 20, I/Y = 9, PMT = 100 (0.10* 1,000), FV = 1,000, CPT PV = 1,091. 22．A bond with a 12 percent coupon, 10 years to maturity and selling at 88 has a YTM of: A) between 10% and 12%. B) between 13% and 14%. C) over 14%. D) between 12% and 13%. The correct answer was C) PMT = 120, N = 10, PV = -880, FV = 1,000 Compute I = 14.3 23．A coupon bond that pays interest annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 8 percent? A) $1,500.00. B) $1,000.00. C) $924.18. D) $2,077.00. The correct answer was C) FV = 1,000
N = 5
I = 10
PMT = 80
Compute PV = 924.18. 24．Consider a 10 percent, 10-year bond sold to yield 8 percent. One year passes and interest rates remained unchanged (8 percent). What will have happened to the bond's price during this period? A) It will have decreased. B) It will have increased. C) It will have remained constant. D) Cannot be determined with the data given. The correct answer was A) The bond is sold at a premium, as time passes the bond’s price will move toward par. Thus it will fall. N = 10; FV = 1,000, PMT = 100; I = 8; compute PV = 1,134 N = 9; FV = 1,000, PMT = 100; I = 8; compute PV = 1,125 25．Which of the following statements about a bond’s cash flows is TRUE? The appropriate discount rate is a function of: A) the risk-free rate plus the return on the market. B) the risk-free rate plus the risk premium. C) only the risk premium. D) only the return on the market. The correct answer was B) The return on the market would be used only when discounting the cash flows of the market. The risk premium reflects the cost of any incremental risk incurred by the investor above and beyond that of the risk-free security. | 
发表于 2008-4-14 13:57
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