答案和详解如下： 1.An investor purchased a 6-year annual interest coupon bond one year ago. The coupon interest rate was 10 percent and the par value was $1,000. At the time he purchased the bond, the yield to maturity was 8 percent. If he sold the bond after receiving the first interest payment and the yield to maturity continued to be 8 percent, his annual total rate of return on holding the bond for that year would have been: A) 6.00%. B) 9.95%. C) 8.00%. D) 7.82%. The correct answer was C) Purchase price N = 6, PMT = 100, FV = 1,000, I = 8 compute PV = 1,092.46 Sale price N = 5, PMT = 100, FV = 1,000, I = 8 compute PV = 1,079.85 % return = [(1,079.85 - 1,092.46 + 100) / 1,092.46] x 100 = 8% 2.A 6-year annual interest coupon bond was purchased one year ago. The coupon rate is 10 percent and par value is $1,000. At the time the bond was bought, the yield to maturity (YTM) was 8 percent. If the bond is sold after receiving the first interest payment and the bond's yield to maturity had changed to 7 percent, the annual total rate of return on holding the bond for that year would have been: A) 11.95%. B) 7.00%. C) 8.00%. D) 9.95%. The correct answer was A) Price 1 year ago N = 6, PMT = 100, FV = 1,000, I = 8, Compute PV = 1,092 Price now N = 5, PMT = 100, FV = 1,000, I = 7, Compute PV = 1,123 % Return = (1,123.00 + 100 - 1,092.46)/1,092.46 x 100 = 11.95% 3.An investor purchased a 10-year zero-coupon bond with a yield to maturity of 10 percent and a par value of $1,000. What would her rate of return be at the end of the year if she sells the bond? Assume the yield to maturity on the bond is 9 percent at the time it is sold and annual compounding periods are used. A) 16.00%. B) 17.63%. C) 19.42%. D) 15.00%. The correct answer was C) Purchase price I = 10, N = 10, PMT = 0, FV = 1,000, Compute PV = 385.54 Selling price I = 9, N = 9, PMT = 0, FV = 1,000, Compute PV = 460.43 % Return = (460.43 - 385.54)/385.54 x 100 = 19.42% 4.If an investor holds a bond for a period less than the life of the bond, the rate of return the investor can expect to earn is called: A) approximate yield. B) expected return, or horizon return. C) promised yield. D) bond equivalent yield. The correct answer was B) The horizon return is the total return of a given horizon such as 5 years on a ten year bond. 5.A 30-year, 12% bond that pays interest annually is discounted priced to yield 14%. However, interest payments will be invested at 12%. The realized compound yield on this bond must be: A) between 12.0% and 14.0%. B) 12.0%. C) 14.0%. D) >14.0%. The correct answer was A) Since you are reinvesting the current income at 12%, you will have a return of at least 12%. And since the bond is priced to yield 14%, you will earn no more than 14%. 6.A bond has a par value of $1,000, a time to maturity of 20 years, a coupon rate of 10 percent with interest paid annually, a current price of $850, and a yield to maturity (YTM) of 12 percent. If the interest payments are reinvested at 10 percent, the realized compounded yield on this bond is: A) 10.00%. B) 12.0%. C) 10.9%. D) 12.4%. The correct answer was C) The realized yield would have to be between the reinvested rate of 10% and the yield to maturity of 12%. | 
发表于 2008-4-17 16:44
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