兹维博迪金融学第二版试题库08tb

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1、ChapterEightValuationofKnownCashFlows:BondsThischaptercontains50multiplechoicequestions,18shortproblemsand9longerproblems.MultipleChoice1.A________isaquantitativemethodusedtoinferanasset'svaluefrommarketinformationaboutthepricesofotherassetsandmarketinterestrates.(a)fixedmodel(b)perpet

2、ualvaluationmodel(c)valuationmodel(d)variablemodelAnswer:(c)2.________areexamplesoffixed-incomesecurities.(a)Commonstockandpensionfunds(b)Mortgagesandpensionannuities(c)Mutualfundsandcommonstock(d)PreferredstockandcommonstockAnswer:(b)3.Considerafixed-incomesecuritythatpromisestopay$15

3、0eachyearforthenextfiveyears.Howmuchisthisfive-yearannuityworthiftheappropriatediscountrateis7%peryear?(a)$534.74(b)$615.03(c)$802.50(d)$867.96Answer:(b)8-221.Considerafixed-incomesecuritythatpromisestopay$120eachyearforthenextfouryears.Calculatethevalueofthisfour-yearannuityiftheappro

4、priatediscountrateis6%peryear.(a)$415.81(b)$508.80(c)$531.85(d)$629.06Answer:(a)2.Thepriceofanyexistingfixed-incomesecurity________whenmarketinterestratesrisebecauseinvestorswillonlybewillingto________themiftheyofferacompetitiveyield.(a)rises;buy(b)rises;sell(c)falls;buy(d)falls;sellAn

5、swer:(c)3.Afallininterestratescausesa________inthemarketvalueofafixed-incomesecurity.(a)arise(b)afall(c)nochange(d)itcannotbedeterminedfromtheinformationgivenAnswer:(a)4.Achangeinmarketinterestratescauses________inthemarketvaluesofallexistingcontractspromisingfixedpaymentsinthefuture.(

6、a)achangeinthesamedirection(b)achangeintheoppositedirection(c)nochange(d)anunpredictablevariationAnswer:(b)8-221.Whathappenstothevalueofafour-yearfixed-incomesecuritypromising$100peryearifthemarketinterestraterisesfrom5%to6%peryear?(a)Ariseof1%causesadropof$4.87inmarketvalue.(b)Ariseof

7、1%causesariseof$4.87inmarketvalue.(c)Ariseof1%causesadropof$8.09inmarketvalue.(d)Ariseof1%causesariseof$8.09inmarketvalue.Answer:(c)2.Whathappenstothevalueofafour-yearfixed-incomesecuritypromising$100peryearifthemarketinterestratefallsfrom6%to5%peryear?(a)Afallof1%causesadropof$4.87i