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10.
Victor Chow, CFA, held a 10% coupon bond for six months while the following results:
     Initial price: 100% of par
     End of holding period price: 97% of par
The holding period yield and Effective annual yield of the bond is closest to:

HPY
EAY
A.
  7.00%          10.00%
B.
  7.00%          14.49%
C.
  14.00%        14.49%



Ans: B; Holding period return determines the return that an investor will earn by holding the instrument to maturity; as used here, this measure refers to an unannualized rate of return. The formula to calculate holding period return is as below:

In this problem, assume par value is 100, P0=100, P1=97, and D1= 10, so HPY=7%


effective annual yield is calculated as below:

In this problem,

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上一主题:CFA Level I:Economics - The Firm and Market Structures 学习要点和习题精选
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