16．A coupon bond that pays interest annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 12 percent?

A)   $1,077.22

B)   $1,075.82.

C)   $927.90.

D)   $1,000.00.

17．A coupon bond that pays interest semi-annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 8 percent?

A)   $922.78.

B)   $1,144.31.

C)   $1,221.17.

D)   $956.71.

18．A bond with a face value of $1,000 pays a semi-annual coupon of $60. It has 15 years to maturity and a yield to maturity of 16 percent per year. What is the value of the bond?

A)   $774.84.

B)   $832.88.

C)   $943.06.

D)   $697.71.

19．An investor purchased a 6-year annual interest coupon bond one year ago. The coupon rate of interest was 10 percent and par value was $1,000. At the time she purchased the bond, the yield to maturity was 8 percent. The amount paid for this bond one year ago was:

A)   $1,125.53.

B)   $1,198.07.

C)   $1,092.46.

D)   $1,215.51.

20．Today an investor purchases a $1000 face value, 10 percent, 20-year, semi-annual bond at a discount for $900. He wants to sell the bond in 6 years when he estimates the yields will be 9 percent. What is the estimate of the future price?

A)   $946.

B)   $1,152.

C)   $1,000.

D)   $1,079.

答案和详解如下：

16．A coupon bond that pays interest annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 12 percent?

A)   $1,077.22

B)   $1,075.82.

C)   $927.90.

D)   $1,000.00.

The correct answer was B)

FV = 1,000
N = 5
I = 10
PMT = 120
PV = ?
PV = 1,075.82.

17．A coupon bond that pays interest semi-annually has a par value of $1,000, matures in 5 years, and has a yield to maturity of 10 percent. What is the value of the bond today if the coupon rate is 8 percent?

A)   $922.78.

B)   $1,144.31.

C)   $1,221.17.

D)   $956.71.

The correct answer was A)

FV = 1,000
N = 10
PMT = 40
I = 5
PV = ?
PV = 922.78

18．A bond with a face value of $1,000 pays a semi-annual coupon of $60. It has 15 years to maturity and a yield to maturity of 16 percent per year. What is the value of the bond?

A)   $774.84.

B)   $832.88.

C)   $943.06.

D)   $697.71.

The correct answer was A)

FV = 1,000
PMT = 60
N = 30
I = 8
PV = ?
PV = 774.84

19．An investor purchased a 6-year annual interest coupon bond one year ago. The coupon rate of interest was 10 percent and par value was $1,000. At the time she purchased the bond, the yield to maturity was 8 percent. The amount paid for this bond one year ago was:

A)   $1,125.53.

B)   $1,198.07.

C)   $1,092.46.

D)   $1,215.51.

The correct answer was C)

N = 6
PMT = (0.10)(1,000) = 100
I = 8
FV = 1,000
PV = ?
PV = 1,092.46

20．Today an investor purchases a $1000 face value, 10 percent, 20-year, semi-annual bond at a discount for $900. He wants to sell the bond in 6 years when he estimates the yields will be 9 percent. What is the estimate of the future price?

A)   $946.

B)   $1,152.

C)   $1,000.

D)   $1,079.

The correct answer was D)

In 6 years, there will be 14 years (20 - 6), or 14 × 2 = 28 semi-annual periods remaining of the bond's life So,

§ n = (20 – 6)(2) = 28

§ pmt = (1000 ×.10)/2 = 50

§ i/y = 9/2 = 4.5

§ FV = 1000

§ cpt PV = 1,079

Note: Calculate the PV (we are interested in the PV 6 years from now), not the FV.