答案和详解如下：
Q7. If the holding period yield on a Treasury bill (T-bill) with 197 days until maturity is 1.07%, what is the effective annual yield? A) 0.58%. B) 1.99%. C) 1.07%. Correct answer is B) To calculate the EAY from the HPY, the formula is: (1 + HPY)(365/t) − 1. Therefore, the EAY is: (1.0107)(365/197) − 1 = 0.0199, or 1.99%. Q8. Assume that a 1-month loan has a holding period yield of 0.80%. The bond equivalent yield of this loan is: A) 9.60%. B) 9.79%. C) 10.12%. Correct answer is B) (1 + 0.008)6 − 1 = 4.897% 4.897 × 2 = 9.79%. Q9. The effective annual yield for an investment is 10%. What is the yield for this investment on a bond-equivalent basis? A) 4.88%. B) 10.00%. C) 9.76%. Correct answer is C) First, the annual yield must be converted to a semiannual yield. The result is then doubled to obtain the bond-equivalent yield. Semiannual yield = 1.10.5 − 1 = 0.0488088.
The bond-equivalent yield = 2 × 0.0488088 = 0.097618. Q10. A 1-month loan has a holding period yield of 1%. What is the annual yield of this loan on a bond-equivalent basis? A) 6.15%. B) 12.30%. C) 12.00%. Correct answer is B) First, the 1-month yield must be converted to a semiannual yield. The result is then doubled to obtain the bond-equivalent yield. Semiannual yield = 1.016 − 1 = 0.061520.
The bond-equivalent yield = 2 × 0.061520 = 0.12304. | 
发表于 2008-12-30 17:26
| 
