答案和详解如下：
Q6. An investor sold a 30-year bond at a price of $850 after he purchased it at $800 a year ago. He received $50 of interest at the time of the sale. The annualized holding period return is: A) 6.25%. B) 15.0%. C) 12.5%. Correct answer is C) The holding period return (HPR) is calculated as follows: HPR = (Pt − Pt-1 + Dt) / Pt where:
Pt = price per share at the end of time period t
Dt = cash distributions received during time period t. Here, HPR = (850 − 800 + 50) / 800 = 0.1250, or 12.50%. Q7. A stock is currently worth $75. If the stock was purchased one year ago for $60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return? A) 27.5%. B) 22.0%. C) 24.0%. Correct answer is A) (75 − 60 + 1.50) / 60 = 27.5%. Q8. If an investor bought a stock for $32 and sold it one year later for $37.50 after receiving $2 in dividends, what was the holding period return on this investment? A) 17.19%. B) 6.25%. C) 23.44%. Correct answer is C) HPR = [D + End Price − Beg Price] / Beg Price HPR = [2 + 37.50 − 32] / 32 = 0.2344. Q9. A bond was purchased exactly one year ago for $910 and was sold today for $1,020. During the year, the bond made two semi-annual coupon payments of $30. What is the holding period return? A) 18.7%. B) 12.1%. C) 6.0%. Correct answer is A)
HPY = (1,020 + 30 + 30 – 910) / 910 = 0.1868 or 18.7%. | 
发表于 2008-12-30 16:52
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