Quiz 15Word格式.docx
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Quiz 15Word格式.docx
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101.75.
B
Thisvalueiscomputedasfollows:
PresentValue=6/1.07+6/1.072+106/1.073=97.38
Thevalue92.48resultsifthecouponpaymentatmaturityofthebondisneglected.Thecouponrateandthediscountratearenotequalso100.00cannotbethecorrectanswer.
13009
Ifabond'
scouponisgreaterthantheprevailingmarketrateonnewissues,thebondiscalleda:
parbond.
termbond.
premiumbond.
discountbond.
C
22342
Bypurchasinganoncallable,nonputable,U.S.Government30-yearbond,aninvestorisentitledto:
annuityofcouponpayments.
monthlypaymentsdependingontheprincipalprepaymentbehaviorofindividualhomeowners.
annuityofcouponpaymentsplusrecoveryofprincipalatmaturity.
fullrecoveryoffacevalueatmaturityorwhenthebondisretired.
Bondinvestorsareentitledtotwodistincttypesofcashflows:
(1)theperiodicreceiptofcouponincomeoverthelifeofthebond,and
(2)therecoveryofprincipal(orfacevalue)attheendofthebond’slife.
13010
Usingthepresent-valuemethod,whichofthefollowingisNOTneededtovalueabond?
Couponpayment.
Termtomaturity.
Parvalue.
Bondrating.
D
13011
ThevalueofabondisNOTaffectedby:
currentyield.
couponrate.
requiredrateofreturn.
yeartomaturity.
A
22343
WhichofthefollowingisNOToneofthestepsinavaluationprocessforanoncallablebond?
Estimatethebond'
scashflows.
Calculatethepresentvalueoftheestimatedcashflows.
Determinetheappropriatediscountrate.
Evaluatetheprobabilityoftheissuerretiringthebondprematurely.
Thethreefundamentalstepsinthebondvaluationprocessare
(1)estimatethebond’scashflows,
(2)determinetheappropriatediscountrate,and(3)calculatethepresentvalueoftheestimatedcashflows.Sincethebondhasanoncallablefeature,theissuerdoesnothavetherighttoretirethebondprematurely.
22345
ZetaCorp.hasoutstandinga$10million,14percentcouponbondthatisnoncallable.Thebondpaysquarterlycouponpayments.Thevalueofeachcashcouponisclosestto:
$700,000.
$350,000.
$1,000,000.
$1,400,000.
Thecashcouponis($10,000,000*0.14)/4=$350,000.Notethatwhilethecouponrateisstatedasanannualpercentage,thecashcouponpaymentsaremadeonaquarterlybasis.
22346
Aninvestorgathersthefollowinginformationabouta12-yearbond:
·
Parvalueof$10,000
Semiannualcouponrateof6%
Currentpriceof$9,543
Yieldtomaturityof6.56%
Thevalueofeachcashcouponisclosestto:
$300.
$328.
$600.
$656.
Thecashcouponis($10,000*0.06)/2=$300.Notethatwhilethecouponrateisstatedasanannualpercentage,thecashcouponpaymentsaremadeonasemiannualbasis.
22344
Ifaninvestorpurchasesa30-yearsemiannualbondwithacouponrateof5percentandparvalueof$100,000,thevalueofeachcashcouponreceivedisclosestto:
$2,500.
$5,000.
$100,000.
$83.
Thecashcouponis($100,000*0.05)/2=$2,500.Notethatwhilethecouponrateisstatedasanannualpercentage,thecashcouponpaymentsaremadeonasemiannualbasis.
22348
Whichofthefollowingcharacteristicswouldcreatetheleastdifficultyinestimatingabond’scashflows?
Conversionprivilege.
Sinkingfundprovisions.
Fixedcouponrate.
Callablebond.
Normally,estimatingthecashflowstreamisstraightforwardforahighquality,option-freebondduetothehighdegreeofcertaintyinthetimingandamountofthepayments.Thefollowingfourconditionscouldleadtodifficultyinforecastingthebond’sfuturecashflowstream:
(1)increasedcreditrisk,
(2)thepresenceofembeddedoptions(i.e.,call/putfeaturesorsinkingfundprovisions),(3)theuseofvariableratherthanfixedcouponrate,and(4)thepresenceofaconversionorexchangeprivilege.
22349
Whichofthefollowingcharacteristicswouldcreatethemostdifficultyinestimatingabond'
scashflows?
Exchangeprivilege.
Noncallablebond.
Highcreditqualitybond.
22347
Variablecouponrate.
Putablebond.
13014
Whatvaluewouldaninvestorplaceona20-year,10percentannualcouponbond,iftheinvestorrequiredan11percentrateofreturn?
$945.
$1,035
$920.
$879.
N=20,I/Y=11,PMT=100,FV=1000,CPTPV
13024
Acouponbondthatpaysinterestannuallyhasaparvalueof$1,000,maturesin5years,andhasayieldtomaturityof10percent.Whatistheintrinsicvalueofthebondtodayifthecouponrateis8percent?
$924.18.
$1,000.00.
$1,500.00.
$2,077.00.
FV=1000
N=5
I=10
PMT=80
ComputePV=924.18.
13012
Usingthefollowingspotratesforpricingthebond,whatisthepresentvalueofathree-yearsecuritythatpaysafixedannualcouponof6percent?
Year1:
5.0%
Year2:
5.5%
Year3:
6.0%
100.10.
102.46.
95.07.
PresentValue=6/1.05+6/1.0552+106/1.063=100.10
Thevalue95.07resultsifthecouponpaymentatmaturityofthebondisneglected.
13020
Acouponbondthatpaysinterestannuallyhasaparvalueof$1,000,maturesin5years,andhasayieldtomaturityof10percent.Whatistheintrinsicvalueofthebondtodayifthecouponrateis12percent?
$1,075.82.
$2,077.00
$650.00.
PMT=120
PV=?
PV=1,075.82.
13017
Aninvestorpurchaseda6-yearannualinterestcouponbondoneyearago.Thecouponrateofinterestwas10percentandparvaluewas$1,000.Atthetimeshepurchasedthebond,theyieldtomaturitywas8percent.Theamountpaidforthisbondoneyearagowas:
$1,215.51.
$1,092.46.
$1,125.53.
$1,198.07.
N=6
PMT=(.10)(1000)=100
I=8
PV=1092.46
13026
Considerabondthatpaysanannualcouponof5percentandthathasthreeyearsremaininguntilmaturity.Supposethetermstructureofinterestratesisflatat6percent.Howmuchdoesthebondpricechangeifthetermstructureofinterestratesshiftsdownby1percentinstantaneously.?
-2.67.
3.76.
2.67.
0.00.
Thisvalueiscomputeasfollows:
BondPriceChange=NewPrice–OldPrice=100–(5/1.06+5/1.062+105/1.063=2.67.
-2.67isthecorrectvaluebutthewrongsign.Thevalue0.00isincorrectbecausethebondpriceisnotinsensitivetointerestratechanges.
13031
Deepdiscountbondshave:
greaterpricevolatilitythanbondssellingatpar.
lesscallprotectionthanbondssellingatpar.
lesscouponprotectionthanbondssellingatpar.
greaterreinvestmentriskthanbondssellingatpar.
13029
Ayearagoacompanyissuedabondwithafacevalueof$1,000an8percentcoupon.Nowtheprevailingmarketyeildis10percent.Whathappenstothebond?
The:
bondistradedatamarketpricehigherthan$1,000.
companyhastoissueanew2-percent
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