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Trueorfalse,1.adiscountbondisboughtatapricebelowitsfacevalueandthefacevalueisrepaidatthematuritydate.2.couponbond:ifplowerthanF,yieldtomaturitylowerthancouponrate.3.wecancalculatetheyieldtomaturityifwehaveknowncouponrateandpriceofbond.4.currentyieldisthemostaccurateindexofinterestrate,wheneconomisttalkaboutinterestrate,theyrefertocurrentyield.5.ifinterestrateraisefrom4%to5%,thebondholderwillbebenefit.,6.ifallkindsofbondsinterestratedecreasefrom8%to6%inoneyearstime,paredtothesituationinwhichinterestrateis15%andexpectedinflationrateis14%,companiesaremorewillingtoborrowfundsinthesituationinwhichpriceisstableandinterestrateis2%paredto1-yeargovernmentbondwhichyieldtomaturityis9.9%,youaremorewillingtohold1-yeargovernmentbondwhichdiscountyieldis10%.,Choosethebestanswer,1.thepresentvalueofsecuritythatinterestpaymentis$52.5nextyearand$110.25thesecondyear,interestrateis5%A$162.5B$50C$100D$150d,2.Theconceptof_isbasedonthecommon-sensenotionthatadollarpaidtoyouinthefutureislessvaluabletoyouthanadollartoday.A)presentvalueB)futurevalueC)interestD)deflationa,3.Withaninterestrateof6percent,thepresentvalueof$100nextyearisapproximatelyA)$106.B)$100.C)$94.D)$92.c,4.Thepresentvalueofanexpectedfuturepayment_astheinterestrateincreases.A)fallsB)risesC)isconstantD)isunaffectedAnswer:A5.Ifasecuritypays$55inoneyearand$133inthreeyears,itspresentvalueis$150iftheinterestrateisA)5percent.B)10percent.C)12.5percent.D)15percent.Answer:B,6.Anincreaseinthetimetothepromisedfuturepayment_thepresentvalueofthepayment.A)decreasesB)increasesC)hasnoeffectonD)isirrelevanttoAnswer:A7.Toclaimthatalotterywinnerwhoistoreceive$1millionperyearfortwentyyearshaswon$20millionignorestheconceptofA)facevalue.B)parvalue.C)deflation.D)discountingthefuture.Answer:D,8.TheinterestratethatequatesthepresentvalueofpaymentsreceivedfromadebtinstrumentwithitsvaluetodayistheA)simpleinterestrate.B)currentyield.C)yieldtomaturity.D)realinterestrate.Answer:C9.Economistsconsiderthe_tobethemostaccuratemeasureofinterestrates.A)simpleinterestrate.B)currentyield.C)yieldtomaturity.D)realinterestrate.Answer:C,10.Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?A)9percentB)10percentC)11percentD)12percentAnswer:B11.AcreditmarketinstrumentthatprovidestheborrowerwithanamountoffundsthatmustberepaidatthematuritydatealongwithaninterestpaymentisknownasaA)simpleloan.B)fixed-paymentloan.C)couponbond.D)discountbond.Answer:A,12.Forsimpleloans,thesimpleinterestrateis_theyieldtomaturity.A)greaterthanB)lessthanC)equaltoD)notcomparabletoAnswer:C13.Iftheamountpayableintwoyearsis$2420forasimpleloanat10percentinterest,theloanamountisA)$1000.B)$1210.C)$2000.D)$2200.Answer:C,14.Fora3-yearsimpleloanof$10,000at10percent,theamounttoberepaidisA)$10,030.B)$10,300.C)$13,000.D)$13,310.Answer:D15.If$22,050istheamountpayableintwoyearsfora$20,000simpleloanmadetoday,theinterestrateisA)5percent.B)10percent.C)22percent.D)25percent.Answer:A,16.ifthepresentvalueofsecurityis$150whichinterestpaymentis$55nextyearandyouwillget$133intheendofthirdyear,theinterestrateis()A10%B5%C15%D20%a17.ifyouareaprofessionalathlete,whichformyouwillchoosetogetyoursalary/Aeveryyearyouwillbepaid$2minnext5yearsBnextyear$6m,andeveryyear$4minnext4yearafterthatCeveryyearbepaid$1m,thelastyearbepaid$6Daboveformshavethesamepresentvalueb,18.thepresentvalueofA+BisA.(presentvalueofA)*BB.(presentvalueofA+B)/futurevalueC.(presentvalueofA)+(presentvalueofB)D.(presentvalueofA)*(presentvalueofB)c19.5000美元的息票债券，息票利率为6%，每年支付A.50美元B。500美元C250美元D100美元E上述都不是c,20.nextyearyouwillbepaid$105,and$110.25willbepaidtheyearafternextyear,itspriceis$200,theyieldtomaturityisA4%B5%C6%D7%c21.whichhasthelowestyieldtomaturityofthefollowingfacevalue$1000sbondAp=$1000,cr=5%Bp=$1200,cr=5%Cp=$900,cr=5%Dp=$1000,cr=10%Ep=$900,cr=10%b,22.whichhasthehighestyieldtomaturityofthefollowingfacevalue$1000sbondAp=$1000,cr=5%Bp=$1200,cr=5%Cp=$900,cr=5%Dp=$1000,cr=10%Ep=$900,cr=10%e23.adiscountbond,1yearsmaturity,p=$4000,itsyieldtomaturityisA5%B10%C25%D50%c,24.thereasonthatbondholdersarenotwillingtogetinformationaboutinterestraterisingisAtheircouponpaymentwillreduceBthereturnratewillreduceCreturnratetomaturitywillreduceDpricewillreduced25.couponbond:facevalue=$5000,cr=10%,p=$4000,currentyieldisA5%B10%C12.5%D15%c,26.贴现基础上的收益率会到期收益率，贴现债券的到期期限越，程度越大A高估长高估B高估短，高估C低估长低估D低估短低估c27.下列有关当期收益率的表述，哪个是正确的A债券价格越接近面值，债券的到期期限越短，它对到期收益率的近似越为准确B债券价格越接近面值，债券的到期期限越长，它对到期收益率的近似就越不准确C债券价格越接近面值，债券的到期期限越长，它对到期收益率的近似越为准确D债券价格距离面值越远，债券的到期期限越短，它对到期收益率的近似越为准确c,28.180天到期、面值1000美元国库券销售价格为975美元，贴现基础上的收益率是A5%B10%C20%D50%a29.如果你以980美元的价格购买了还有90天到期的、面值为1000美元的贴现债券，那么贴现基础上的收益率为A9%B8%C7%D6%E5%b,30.thereturnrateis()ofthiskindofcouponbond:couponrate=15%,initialsellingpriceis$1000,priceofnextyearis$700.A15%B10%C-5%D-15%d31.supposeyoubuyadiscountbondandholdituntilthematuritydate,maturity=1year,sotheyieldtomaturityequallthe()AcouponrateBdiscountyieldCcapitalgainDreturnrateEcurrentyieldd,32.whichoneinthefollowingcannotbecalculatedwhenwebuysomebonds.AcurrentyieldBreturnrageCyieldtomaturityDaandbarecorrectEbandcarecorrectb33.supposedthatsomeonebuya$1,000couponbond,thecouponpaymentis$70,nextyearheorshesellsthisbondatapriceof$936,sothecapitalgainis()A2%B3%C4%D5%E6%c,34.inwhichcircumstance,youarethemostwillingtoborrowfunds()Ai=20%,expectedinflationrate=15%Bi=4%,expectedinflationrate=151%Ci=13%,expectedinflationrate=1515%Di=10%,expectedinflationrate=1515%d35.ifcouponrateofcouponbondis4%,facevalueis$20,000,sothecouponpaymentis()A$40B$80C$400D$800d,Fillingtheblanks,估值年份,收入年份,2003,2004,2005,2003,2004,2005,50,50,50,50*（1+i）,50/（1+i）,Calculatethepresentvalueoffollowspayment1.500dollar2yearslater,interestrate5%2.500dollar2yearslater,interestrate10%3.500dollar4yearslater.interestrate10%ThecalculationImplieswhentheinterestraterise,whatdoesthepresentvalueforpaymentchange?ThecalculationImpliesIfthepaymenthappeninthefuture,whatwillthepaymentofpresentvaluechange?,Ifyouapplyforthefixpaymentcarloanabout1000dollar,thanyouneedtopay600dollarperyear.;Therepaymentperiodis2years.1.Writedowntheequationsforcalculatingtheyieldtomaturitydate2.Iftheinterestrateis10%,calculatethepresentvalueforthecarloanpayment.3.Yieldtomaturityishigherorlowerthan10%?4.Iftheinterestrateis15%,calculatethepresentvalueforthecarloanpayment.5.Yieldtomaturityishigherorlowerthan15%?,Ifyouareconsideringtobuythebondwhichfacevalueis1000$,couponrateis10%,theperiodofmaturityis3.Priceis1079$.1.yieldtomaturityishigherorlowerthan10%?Why?2.Writedowntheequationsforcalculatingtheyieldtomaturity.3.Iftheinterestis8%,calculatethepresentvalueofthebond.4.yieldtomaturityishigherorlowerthan8%?5.Iftheinterestis5%,calculatethepresentvalueofthebond.6.yieldtomaturityishigherorlowerthan5%?,1.Forthefixpayment100$peryearconsol,yieldtomaturityinthefirstofyearis10%,theendoftheyearis5%.calculatereturnrateofthebond.2.Thereisacouponbond2yearremainedtomaturitydate.Itscouponrateis10%,soldatpar,ifthefirstofyearsyieldtomaturityis10%,theendofyears5%.calculatethebondsreturnrate.Whichbondisbetterworthtoinvest?Whyshouldthishappen?,
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