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Q23. A 20-year, $1,000 face value, 10% semi-annual coupon bond is selling for $875. The bond's yield to maturity is: ffice ffice" />
A) 5.81%.
B) 11.62%.
C) 11.43%.
Correct answer is B)
N = 40 (2 × 20 years); PMT = 50 (0.10 × 1,000) / 2; PV = -875; FV = 1,000; CPT → I/Y = 5.811 × 2 (for annual rate) = 11.62%.
Q24. A 20-year, 9% semi-annual coupon bond selling for $1,000 offers a yield to maturity of:
A) 9%.
B) 11%.
C) 10%.
Correct answer is A)
N = (20 × 2) = 40
pmt = 90/2 = 45
PV = -1000
FV = 1000
cpt i = ? = 4.5×2 = 9%
Q25. A 20-year, 9% annual coupon bond selling for $1,098.96 offers a yield of:
A) 10%.
B) 9%.
C) 8%.
Correct answer is C)
N = 20, PMT = 90, PV = -1,098.96, FV = 1,000, CPT I/Y
Q26. The current yield on a bond is equal to:
A) annual interest divided by the current market price.
B) the internal rate of return
C) the yield to maturity.
Correct answer is A)
The formula for current yield is the annual cash coupon payment divided by the bond price.
Q27. A 20-year, 9% semi-annual coupon bond selling for $914.20 offers a yield to maturity of:
A) 8%
B) 10%.
C) 9%.
Correct answer is B)
N = 40; PMT = 45; PV = -914.20; FV = 1,000; CPT → I/Y = 5%
YTM = 5% × 2 = 10%
Q28. What is the current yield for a 5% three-year bond whose price is $93.19?
A) 5.00%.
B) 2.68%.
C) 5.37%.
Correct answer is C)
The current yield is computed as follows:
Current yield = 5% x 100 / $93.19 = 5.37%
Q29. A 20 year, 8% semi-annual coupon, $1,000 par value bond is selling for $1,100. The bond is callable in 4 years at $1,080. What is the bond's yield to call?
A) 6.87.
B) 8.13.
C) 7.21.
Correct answer is A)
n = 4(2) = 8; PMT = 80/2 = 40; PV = -1,100; FV = 1,080
Compute YTC = 3.435(2) = 6.87%
Q30. A 15-year, 10% annual coupon bond is sold for $1,150. It can be called at the end of 5 years for $1,100. What is the bond's yield to call (YTC)?
A) 9.2%.
B) 8.4%.
C) 8.0%.
Correct answer is C)
Input into your calculator:
N = 5; FV = 1,100; PMT = 100; PV = -1,150; CPT → I/Y = 7.95%.
[此贴子已经被作者于2009-3-3 17:56:21编辑过] | 
发表于 2009-3-3 17:43
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