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%willbeclosesto:

A.$1,350.

B.$3,518.

C.$3,642.

2.Fiftyyearsago,aninvestorboughtashareofstockfor$10T.hestockhaspaidnodividendsduringthisperiod,yetithasreturned20%,compoundedannually,overthepast50yeaIrsf.thisistrue,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$4.50pershare精品

overthenexteightyears.

secalornsiensgtstoi:

s

TherateofgrowthinXYZ

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$10inyea-1$20inyear

2,$10inyear3,andisthensoldfor$150attheendofyear4,hasapresentvalueof:

A.$108.29.

B.$135.58.

C.$163.42.

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

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,thefirstpaymenttobereceivedtodaAyt.

an11%discountrate,thisannuityhtoday'iscslowsoerstto:

A.$55,855.

B.$57,527.

C.$63,855.

12.Givenan11%rateofreturn,theamountthatmustbeputintoaninvestmentaccountatthe

endofeachofthenexttenyearsinordertoaccumulate$60,000topayforachild

isclosestto:

A.$2,500.

B.$3,588.

C.$4,432.

13.Aninvestorwillreceiveanannuityof$4,000ayearfortenyearTs.hefirstpaymentistobereceivedfiveyearsfromtoday.Ata9%discountrate,thisannuity'clsowseosrtho:

todayis

A.$16,684.

B.$18,186.

C.$25,671.

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

A.$4,779.

B.$5,353.

C.$6,792.

15.Aninvestorislookingata$150,000homeI.f20%mustbeputdownandthebalanceis

financedat9%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$9annualdividendforeveIrf.therequiredrateofreturnonequivalentinvestmentsis11%,ashareofTerrypreferredshouldbeworth:

A.$81.82.

B.$99.00.

C.$122.22.

18.AshareofGeorgeCo.preferredstockissellingfor$65.Itpaysadividendof$4.50peryearandhasaperpetuallifeT.herateofreturnitisofferingitsinvestorsisclosesto:

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,oneeachyeaTrh.eywilltaketheirfirstcruise9yearsfromtoday,thesecondcruiseoneyearafterthat,andthethirdcruise11yearsfromtodaTyh.etypeofcruisetheywilltakecurrentlycosts$5,000,buttheyexpectinflationwillincreasethiscostby

3.5%peryearonaverage.

Theywillcontributetoanaccounttosaveforthesecruisesthatwillearn8%peryear.Whatequalcontributionsmusttheymaketodayandeveryyearuntiltheirfirstcruise（tencontributions）inordertohavesavedenoughforallthreecruisesatthattimeT?

heypayforcruiseswhentaken.

2.Acompany'sdividendin199w5as$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.AbankquotescertificateofdepositC（D）yieldsbothasannualpercentageratesA（PR）withoutcompoundingandasannualpercentageyieldsAP（Y）thatincludetheeffectsofmonthlycompounding.A$100,000CDwillpay$110,471.31attheendoftheyeaCr.alculatetheAPRandAPYthebankisquoting.

5.Aclienthas$202,971.39inanaccountthatearns8%peryear,compoundedmonthTlyh.eclient's35thbirthdaywasyesterdayandshewillretirewhentheaccountvalueis$1million.

A.Atwhatagecansheretireifsheputsnomoremoneyintheaccount?

B.Atwhatagecansheretireifsheputs$250/monthintotheaccounteverymonthbeginningonemonthfromtoday?

6.Atretirementnineyearsfromnow,aclientwillhavetheoptionofreceivingalumpsumof

£400,000or20annualpaymentsofwiththe£fi4®,000mentmadeatretirement.Whatis

theannualratetheclientwouldneedtoearnonaretirementinvestmenttobeindifferentbetweenthetwochoices?

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.Whichofthefollowingisleastaccuratreegardingabankdiscountyield?

A.Itignorestheopportunitytoearncompoundinterest.

B.Itisbasedonthefacevalueofthebond,notitspurchaseprice.

C.Itreflectsthenonannualizedreturnaninvestorwillearnoverasecurity's

8.A175-dayT-billhasaneffectiveannualyieldof3.80%I.tsmoney-marketyieldisclosesto:

A.1.80%.

B.3.65%.

C.3.71%.

1.AAllisonRogers,CFACFA,makesthefollowingstatement:

Theproblems“withbank

discountyieldsquotedforT-billsisthattheyaren'tyields,theyignorecompounding,andthey

arebasedonashortyear.”

A.IIsshecorrectinallregards?

B.Whichoftheseproblemsis/areremediedbyusingtheholdingperiodyield?

C.Whichoftheseproblemsis/areremediedbyusingamoneymarketyield?

D.Whichoftheseproblemsis/areremediedbyusingeffectiveannualyields?

2.L.Adamsbuys1,000sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis

$38pershareandhaspaidadividendof$1.50persharAed.amsreinveststhedividendsinadditionalsharesatthetimeA.ttheendofthesecondyear,thesharesaretradingfor$37andhavepaid$2dividendsovertheperiod.

L.Burnsbuys500sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis$38pershareandhaspaidadividendof$1.50pershare.Burnsreinveststhedividendsinadditionalsharesatthattimeandalsobuys500additionalshareAst.theendofthesecondyear,thesharesaretradingfor$37andhavepaid$2individendsovertheperiod.

A.CComparetheannualtime-weightedreturnsfortheaccountsofthetwoinvestors（nocalculationrequired）.

B.CComparetheannualmoney-weightedreturnsfortheaccountsofthetwoinvestors（nocalculationrequired）.

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