答案和详解如下： 6．What is the value of a zero-coupon bond if the term structure of interest rates is flat at 6 percent and the bond has two years remaining to maturity? A) 88.85. B) 83.75. C) 91.76. D) 100.00. The correct answer was A) The bond price is computed as follows: Zero-Coupon Bond Price = 100/1.034 = 88.85. The value 83.75 is incorrect because the principal is discounted over a three-year period but the bond has only two years remaining to maturity. The value 100.00 is incorrect because the principal received at maturity has to be discounted over a period of two years. 7．What is the yield to maturity (YTM) of a 20-year, U.S. zero-coupon bond selling for $300? A) 3.06%. B) 5.90%. C) 7.20%. D) 6.11%. The correct answer was D) n = 40, PV = 300, FV = 1,000, compute i = 3.055*2 = 6.11. 8．If a 15-year, $1,000 U.S. zero-coupon bond is priced to yield 10 percent, what is its market price? A) $23.50. B) $239.39. C) $875.22. D) $231.38. The correct answer was D) N = 30, I/Y = 5, PMT = 0, FV = 1,000, CPT PV. 9．A 15-year zero coupon bond that has a par value of $1,000 and a required return of 8 percent would be priced at what value assuming annual compounding periods: A) $308. B) $464. C) $555. D) $315. The correct answer was D) N = 15
FV = 1,000
I = 8
PMT = 0
PV = ?
PV = 315.24 10．A zero-coupon bond has a yield to maturity of 9.6 percent (annual basis) and a par value of $1,000. If the bond matures in 10 years, today's price of the bond would be: A) $422.41. B) $512.23. C) $399.85. D) $391.54. The correct answer was C) I = 9.6
FV = 1,000
N = 10
PMT = 0
PV = ?
PV = 399.85 | 
发表于 2008-4-14 14:07
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