Quiz 15Word格式.docx

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