投资学investment_题库chap14

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1、Chapter14BondPricesandYieldsMultipleChoiceQuestions1.Thecurrentyieldonabondisequalto________.A)annualinterestdividedbythecurrentmarketpriceB)theyieldtomaturityC)annualinterestdividedbytheparvalueD)theinternalrateofreturnE)noneoftheaboveAnswer:ADifficulty:

2、EasyRationale:Aiscurrentyieldandisquotedassuchinthefinancialpress.3.Ifa6%couponbondistradingfor$950.00,ithasacurrentyieldof____________percent.A)6.5B)6.3C)6.1D)6.0E)6.6Answer:BDifficulty:EasyRationale:60/950=6.3.6.Acouponbondpaysannualinterest,hasaparvalu

3、eof$1,000,maturesin4years,hasacouponrateof10%,andhasayieldtomaturityof12%.Thecurrentyieldonthisbondis___________.A)10.65%B)10.45%C)10.95%D)10.52%E)noneoftheaboveAnswer:ADifficulty:ModerateRationale:FV=1000,n=4,PMT=100,i=12,PV=939.25;$100/$939.25=10.65%.36

4、Chapter14BondPricesandYields8.Ofthefollowingfourinvestments,________isconsideredthesafest.A)commercialpaperB)corporatebondsC)U.S.AgencyissuesD)TreasurybondsE)TreasurybillsAnswer:EDifficulty:EasyRationale:OnlyTreasuryissuesareinsuredbytheU.S.government;the

5、shorter-termtheinstrument,thesafertheinstrument.9.Toearnahighratingfromthebondratingagencies,afirmshouldhaveA)alowtimesinterestearnedratioB)alowdebttoequityratioC)ahighquickratioD)BandCE)AandCAnswer:DDifficulty:EasyRationale:Highvaluesforthetimesinteresta

6、ndquickratiosandalowdebttoequityratioaredesirableindicatorsofsafety.36Chapter14BondPricesandYields10.Atissue,couponbondstypicallysell________.A)aboveparvalueB)belowparC)atornearparvalueD)atavalueunrelatedtoparE)noneoftheaboveAnswer:CDifficulty:EasyRationa

7、le:Iftheinvestmentbankerhasappraisedthemarketandthequalityofthebondcorrectly,thebondwillsellatornearpar(unlessinterestrateshavechangedverydramaticallyandveryquicklyaroundthetimeofissuance).11.AccruedinterestA)isquotedinthebondpriceinthefinancialpress.B)mu

8、stbepaidbythebuyerofthebondandremittedtothesellerofthebond.C)mustbepaidtothebrokerfortheinconvenienceofsellingbondsbetweenmaturitydates.D)AandB.E)AandC.Answer:BDifficulty:ModerateRationale:Accruedinterestmustbepaidb