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1、Chapter6PricingFixed-IncomeSecurities1.Tothenearestdollar,whatisthevaluetodayofaninvestmentthatpays$10,000infiveyears,assuminganannualopportunitycostof7%?a.$7,473b.$11,592c.$8,626d.$7,130e.NoneoftheaboveAnswer:aFinancialcalculatorsolutionFV=10,000I=6N=5PV=?=7472.582.Tothene
2、arestdollar,whatisthevaluetodayofaninvestmentthatpays$1,500,000in10years,assuminganannualopportunitycostof8%?a.$555,265b.$315,242c.$463,193d.$3,238,387e.NoneoftheaboveAnswer:bFinancialcalculatorsolutionFV=1,000,000I=8N=15PV=?=315,241.703.47Ifyouinvested$700todayandanother$1
3、,000intwoyears,tothenearestdollar,howmuchwillyourinvestmentbeworthinsevenyears.?Assumean8.4%annualcompoundreturn.a.$616b.$749c.$1,364d.$2,728e.NoneoftheaboveAnswer:dFinancialcalculatorsolutionStep1FV=500I=8.4N=2PV=?=425.51Step2PV=350+425.51=775.51I=8.4N=7FV=?=1,363.931.Ifyo
4、uinvested$200today,another$400inoneyear,andanother$600intwoyears,howmuchwillyourinvestmentbeworthinfiveyears,assuminga7%annualcompoundreturn?(Tothenearestdollar.)a.$1,540b.$600c.$720d.$770e.NoneoftheaboveAnswer:aFinancialcalculatorsolutionStep1CF0=200CF1=400CF2=600I=7NPV=?=
5、1,097.90Step2PV=1,097.90I=7N=5FV=?=1,539.86471.Youinvested$10,000tenyearsago.Duringthefirsttwoyears,youearned9%peryearandduringthelasteightyears,youearned12%peryear.Tothenearestdollar,howmuchisyourinvestmentworthtoday?a.$25,937b.$29,417c.$37,014d.$40,456e.NoneoftheaboveAnsw
6、er:bFinancialcalculatorsolutionStep1PV=10,000I=9N=2FV=11,881Step2PV=11,881I=12N=8FV=29,416.922.Howlongwillittakeyoutodoubleyourmoneyifyoucaninvestat7.2%peryear?a.9.97yearsb.9.28yearsc.8.62yearsd.7.21yearse.6.98yearsAnswer:aFinancialcalculatorsolutionPV=1FV=-2I=7.2N=?=9.973.
7、47Atwhatannualinterestratewillyoudoubleyourmoneyifyouinvestfor8years?a.10.11%b.9.05%c.8.19%d.7.91%e.6.73%Answer:bFinancialcalculatorsolutionPV=1FV=-2N=8I=?=9.051.Whatistheeffectiveannualrateofaninvestmentthatoffers8%,compoundedquarterly?a.8.00%b.8.16%c.8.24%d.8.32%e.8.64%An
8、swer:cFinancialcalculatorsolutionP/Y=4NOM=8EFF=?=8.24OrEffectiveRate=(1+.08/4)4–1=
