固定收益证券作业1.docx

固定收益证券作业1.docx

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固定收益证券作业1

固定收益证券作业1

1.Theamountaninvestorwillhavein15yearsif$1,000isinvestedtodayatanannualinterestrateof9%willbeclosestto:

A.$1,350.

B.$3,518.

C.$3,642.

2.Fiftyyearsago,aninvestorboughtashareofstockfor$10.Thestockhaspaidnodividendsduringthisperiod,yetithasreturned20%,compoundedannually,overthepast50years.Ifthisistrue,thesharepriceisnowclosestto:

A.$4,550.

B.$45,502.

C.$91,004.

3.Howmuchmustbeinvestedtodayat0%tohave$100inthreeyears?

A.$77.75.

B.$100.00.

C.$126.30.

4.Howmuchmustbeinvestedtoday,at8%interest,toaccumulateenoughtoretirea$10,000debtduesevenyearsfromtoday?

Theamountthatmustbeinvestedtodayisclosestto:

A.$5,835.

B.$6,123.

C.$8,794.

5.AnanalystestimatesthatXYZ’searningswillgrowfrom$3.00ashareto$4.50pershareoverthenexteightyears.

TherateofgrowthinXYZ’searningsisclosestto:

A.4.9%.

B.5.2%.

C.6.7%.

6.If$5,000isinvestedinafundofferingarateofreturnof12%peryear,approximatelyhowmanyyearswillittakefortheinvestmenttoreach$10,000?

A.4years.

B.5years.

C.6years.

7.Aninvestmentisexpectedtoproducethecashflowsof$500,$200,and$800attheendofthenextthreeyears.Iftherequiredrateofreturnis12%,thepresentvalueofthisinvestmentisclosestto:

A.$835.

B.$1,175.

C.$1,235.

8.Givenan8.5%discountrate,anassetthatgeneratescashflowsof$10inyear1,–$20inyear2,$10inyear3,andisthensoldfor$150attheendofyear4,hasapresentvalueof:

A.$108.29.

B.$135.58.

C.$163.42.

9.Aninvestorhasjustwonthelotteryandwillreceive$50,000peryearattheendofeachofthenext20years.Ata10%interestrate,thepresentvalueofthewinningsisclosestto:

A.$425,678.

B.$637,241.

C.$2,863,750.

10.If$10,000isinvestedtodayinanaccountthatearnsinterestatarateof9.5%,whatisthevalueoftheequalwithdrawalsthatcanbetakenoutoftheaccountattheendofeachofthenextfiveyearsiftheinvestorplanstodepletetheaccountattheendofthetimeperiod?

A.$2,453.

B.$2,604.

C.$2,750.

11.Aninvestoristoreceivea15-year$8,000annuity,thefirstpaymenttobereceivedtoday.Atan11%discountrate,thisannuity’sworthtodayisclosestto:

A.$55,855.

B.$57,527.

C.$63,855.

12.Givenan11%rateofreturn,theamountthatmustbeputintoaninvestmentaccountattheendofeachofthenexttenyearsinordertoaccumulate$60,000topayforachild’seducationisclosestto:

A.$2,500.

B.$3,588.

C.$4,432.

13.Aninvestorwillreceiveanannuityof$4,000ayearfortenyears.Thefirstpaymentistobereceivedfiveyearsfromtoday.Ata9%discountrate,thisannuity’sworthtodayisclosestto:

A.$16,684.

B.$18,186.

C.$25,671.

14.If$1,000isinvestedtodayand$1,000isinvestedatthebeginningofeachofthenextthreeyearsat12%interest（compoundedannually）,theamountaninvestorwillhaveattheendofthefourthyearwillbeclosestto:

A.$4,779.

B.$5,353.

C.$6,792.

15.Aninvestorislookingata$150,000home.If20%mustbeputdownandthebalanceisfinancedat9%overthenext30years,whatisthemonthlymortgagepayment?

A.$799.33.

B.$895.21.

C.$965.55.

16.Givendailycompounding,thegrowthof$5,000investedforoneyearat12%interestwillbeclosestto:

A.$5,600.

B.$5,628.

C.$5,637.

17.TerryCorporationpreferredstocksareexpectedtopaya$9annualdividendforever.Iftherequiredrateofreturnonequivalentinvestmentsis11%,ashareofTerrypreferredshouldbeworth:

A.$81.82.

B.$99.00.

C.$122.22.

18.AshareofGeorgeCo.preferredstockissellingfor$65.Itpaysadividendof$4.50peryearandhasaperpetuallife.Therateofreturnitisofferingitsinvestorsisclosestto:

A.4.5%.

B.6.9%.

C.14.4%.

19.If$10,000isborrowedat10%interesttobepaidbackovertenyears,howmuchofthesecondyear’spaymentisinterest（assumeannualloanpayments）?

A.$937.26.

B.$954.25.

C.$1,037.26.

20.Whatistheeffectiveannualrateforacreditcardthatcharges18%compoundedmonthly?

A.15.38%.

B.18.81%.

C.19.56%.

分析题

1.TheParksplantotakethreecruises,oneeachyear.Theywilltaketheirfirstcruise9yearsfromtoday,thesecondcruiseoneyearafterthat,andthethirdcruise11yearsfromtoday.Thetypeofcruisetheywilltakecurrentlycosts$5,000,buttheyexpectinflationwillincreasethiscostby3.5%peryearonaverage.

Theywillcontributetoanaccounttosaveforthesecruisesthatwillearn8%peryear.Whatequalcontributionsmusttheymaketodayandeveryyearuntiltheirfirstcruise（tencontributions）inordertohavesavedenoughforallthreecruisesatthattime?

Theypayforcruiseswhentaken.

2.Acompany’sdividendin1995was$0.88.Overthenexteightyears,thedividendswere$0.91,$0.99,$1.12,$0.95,$1.09,$1.25,$1.42,$1.26.Calculatetheannuallycompoundedgrowthrateofthedividendoverthewholeperiod.

3.Aninvestment（abond）willpay$1,500attheendofeachyearfor25yearsandonthedateofthelastpaymentwillalsomakeaseparatepaymentof$40,000.Ifyourrequiredrateofreturnonthisinvestmentis4%,howmuchwouldyoubewillingtopayforthebondtoday?

4.Abankquotescertificateofdeposit（CD）yieldsbothasannualpercentagerates（APR）withoutcompoundingandasannualpercentageyields（APY）thatincludetheeffectsofmonthlycompounding.A$100,000CDwillpay$110,471.31attheendoftheyear.CalculatetheAPRandAPYthebankisquoting.

5.Aclienthas$202,971.39inanaccountthatearns8%peryear,compoundedmonthly.Theclient’s35thbirthdaywasyesterdayandshewillretirewhentheaccountvalueis$1million.

A.Atwhatagecansheretireifsheputsnomoremoneyintheaccount?

B.Atwhatagecansheretireifsheputs$250/monthintotheaccounteverymonthbeginningonemonthfromtoday?

6.Atretirementnineyearsfromnow,aclientwillhavetheoptionofreceivingalumpsumof£400,000or20annualpaymentsof£40,000withthefirstpaymentmadeatretirement.Whatistheannualratetheclientwouldneedtoearnonaretirementinvestmenttobeindifferentbetweenthetwochoices?

UsethefollowingdatatoanswerQuestions1and1

Assumeaninvestorpurchasesashareofstockfor$50attimet=0,andanothershareat$65attimet=1,andattheendofyear1andyear2,thestockpaida$2.00dividend.Also,attheendofyear2,theinvestorsoldbothsharesfor$70each.

1.Themoney-weightedrateofreturnontheinvestmentis:

A.15.45%.

B.16.73%.

C.18.02%.

2.Thetime-weightedrateofreturnontheinvestmentis:

A.18.27%.

B.20.13%.

C.21.83%.

3WhatisthebankdiscountyieldforaT-billthatissellingfor$99,000,withafacevalueof$100,000,and95daysremaininguntilmaturity?

A.1.51%.

B.3.79%.

C.6.00%.

4.WhatistheholdingperiodyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?

A.1.01%.

B.2.03%.

C.3.79%.

5.WhatistheeffectiveannualyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?

A.3.79%.

B.3.94%.

C.4.50%.

6.WhatisthemoneymarketyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?

A.3.79%.

B.3.83%.

C.3.90%.

7.Whichofthefollowingisleastaccurateregardingabankdiscountyield?

A.Itignorestheopportunitytoearncompoundinterest.

B.Itisbasedonthefacevalueofthebond,notitspurchaseprice.

C.Itreflectsthenonannualizedreturnaninvestorwillearnoverasecurity’slife.

8.A175-dayT-billhasaneffectiveannualyieldof3.80%.Itsmoney-marketyieldisclosestto:

A.1.80%.

B.3.65%.

C.3.71%.

1.AAllisonRogers,CFACFA,makesthefollowingstatement:

“TheproblemswithbankdiscountyieldsquotedforT-billsisthattheyaren’tyields,theyignorecompounding,andtheyarebasedonashortyear.”

A.IIsshecorrectinallregards?

B.Whichoftheseproblemsis/areremediedbyusingtheholdingperiodyield?

C.Whichoftheseproblemsis/areremediedbyusingamoneymarketyield?

D.Whichoftheseproblemsis/areremediedbyusingeffectiveannualyields?

2.L.Adamsbuys1,000sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis$38pershareandhaspaidadividendof$1.50pershare.Adamsreinveststhedividendsinadditionalsharesatthetime.Attheendofthesecondyear,thesharesaretradingfor$37andhavepaid$2dividendsovertheperiod.

L.Burnsbuys500sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis$38pershareandhaspaidadividendof$1.50pershare.Burnsreinveststhedividendsinadditionalsharesatthattimeandalsobuys500additionalshares.Attheendofthesecondyear,thesharesaretradingfor$37andhavepaid$2individendsovertheperiod.

A.CComparetheannualtime-weightedreturnsfortheaccountsofthetwoinvestors（nocalculationrequired）.

B.CComparetheannualmoney-weightedreturnsfortheaccountsofthetwoinvestors（nocalculationrequired）.

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