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Ofthefollowingmeasuresofinterestrates,whichisconsideredbyeconomiststobethemostaccurate
Theyieldtomaturity
Thecouponrate
Thecurrentyield
Theyieldonadiscountbasis
Answer:A
QuestionStatus:PreviousEdition
Toclaimthatalotterywinnerwhoistoreceive$1millionperyearfortwentyyearshaswon$20millionignorestheconceptof
amortizingaloan.
parvalue.
deflation.
discountingthefuture.
facevalue.
Answer:D
QuestionStatus:New
Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200
9percent
10percent
11percent
12percent
Whichofthefollowingaretrueofsimpleloans
Asimpleloanrequirestheborrowertorepaytheprincipalandinterestatthematuritydate.
Commercialloanstobusinessesareoftenofthistype.
Theborrowerrepaystheloanbymakingthesamepaymenteverymonth.
Both(a)and(b)oftheabove.
Both(b)and(c)oftheabove.
Answer:D
QuestionStatus:PreviousEdition
Forsimpleloans,thesimpleinterestrateis_____theyieldtomaturity.
greaterthan
lessthan
equalto
notcomparableto
QuestionStatus:PreviousEditionWithaninterestrateof5percent,thepresentvalueof$100nextyearisapproximately
$100.
$105.
$95.
$90.
7)If$istheamountpayableintwoyearsfora$1000simpleloanmadetoday,theinterestrateis
percent.
5percent.
10percent.
percent.
20percent.
8)Aloanthatrequirestheborrowertomakethesamepaymenteveryperioduntilthematuritydateiscalleda
simpleloan.
fixed-paymentloan.
discountloan.
asame-paymentloan.
noneoftheabove.
Acouponbondpaystheownerofthebond
thesameamounteverymonthuntilmaturitydate.
thefacevalueofthebondplusaninterestpaymentoncethematuritydatehasbeenreached.
afixed-interestpaymenteveryperiodandrepaysthefacevalueatthematuritydate.
thefacevalueatthematuritydate.
noneoftheabove.
10)Whichofthefollowingaretrueforacouponbond
Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.
(b)Thepriceofacouponbondandtheyieldtomaturityarenegatively
related.
Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisbelowtheparvalue.
Alloftheabovearetrue.
Only(a)and(b)oftheabovearetrue.
Answer:D
QuestionStatus:PreviousEdition
Thepriceofaconsol
equalsthecouponpaymenttimestheinterestrate.
equalsthecouponpaymentplustheinterestrate.
equalsthecouponpaymentminustheinterestrate.
equalsthecouponpaymentdividedbytheinterestrate.
cannotbedetermined.
Aconsolpaying$1annuallywhentheinterestrateis4percenthasapriceof
$4.
$20.
$25.
$100.
$400.
Answer:C
Whichofthefollowing$1,000face-valuesecuritieshasthehighestyieldtomaturity
A5percentcouponbondsellingfor$1,000
A10percentcouponbondsellingfor$1,000
A15percentcouponbondsellingfor$1,000
A15percentcouponbondsellingfor$900
14)Whichofthefollowingbondswouldyouprefertobebuying
(a)A$10,000face-valuesecuritywitha6percentcouponsellingfor$10,000
(b)
A$10,000
face-value
security
with
a7percent
couponselling
for
$10,000
(c)
A$10,000
face-value
security
with
a9percent
couponselling
for
$10,000
A$10,000face-valuesecuritywitha10percentcouponsellingfor$10,000
A$10,000face-valuesecuritywitha10percentcouponsellingfor$9,000
Answer:E
QuestionStatus:New
15)Whichofthefollowingbondswouldyouprefertobeselling
(a)A$10,000face-valuesecuritywitha6percentcouponsellingfor$10,000
(b)A$10,000face-valuesecuritywitha6percentcouponselling
$9,000
(c)A$10,000face-valuesecuritywitha6percentcouponselling
$11,000
(d)A$10,000face-valuesecuritywitha7percentcouponselling
$10,000
(e)A$10,000face-valuesecuritywitha7percentcouponselling
$9,000
for
for
for
for
Acreditmarketinstrumentthatpaystheownerthefacevalueofthesecurityatthematuritydateandnothingpriortotheniscalleda
simpleloan.
fixed-paymentloan.
couponbond.
discountbond.
Examplesofdiscountbondsinclude
.Treasurybills.
.savingsbonds.
zero-couponbonds.
alloftheabove.
only(a)and(b)oftheabove.
Ifa$10,000face-valuediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityis
5percent.
10percent.
50percent.
100percent.
Adiscountbondsellingfor$15,000withafacevalueof$20,000inoneyearhasayieldtomaturityof
3percent.
20percent.
25percent.
percent.
percent.
20)Whichofthefollowingaretrueforthecurrentyield
(a)Thecurrentyieldisdefinedastheyearlycouponpaymentdividedbythepriceofthesecurity.
Theformulaforthecurrentyieldisidenticaltotheformuladescribingtheyieldtomaturityforaconsol.
Thecurrentyieldwillbeacloseapproximationfortheyieldtomaturitythelongerthetimetomaturity,andthecloserthebondpricetoitsparvalue.
Alloftheabovearetrue.
Only(a)and(b)oftheabovearetrue.
Answer:D
21)Thecurrentyield,whichequals
thecouponpaymentdivided
bytheprice
ofacouponbond,isalessaccuratemeasureoftheyieldtomaturity
the
______thematurityofthe
bondandthe______theprice
isfrom/to
theparvalue.
(a)
shorter;closer
(b)
shorter;farther
(c)
longer;closer
(d)
longer;farther
Answer:B
22)The_____isabetterapproximationforthe_____,thenearerthebond’s
priceistothebond’sparvalueandthelongerthematurityofthebond.
currentyield;yieldtomaturity
currentyield;couponrate
yieldtomaturity;currentyield
yieldtomaturity;couponrate
23)Thecurrentyieldona$10,000,10percentcouponbondsellingfor$5,000is
30percent.
33percent.
60percent.
20percent.
Aproblemwiththeyieldondiscountbasisisthatit__________theyieldtomaturity,andthis__________increases,the___________thematurityofthediscountbond.
understates;understatement;longer
understates;understatement;shorter
overstates;overstatement;longer
overstates;overstatement;shorter
approximates;approximation;longer
Theyieldonadiscountbasisofa90-day$1,000Treasurybillsellingfor$900is
10percent.
20percent.
25percent.
40percent.
Answer:D
Anequalincreaseinallbondinterestrates
increasesthepriceofafive-yearbondmorethanthepriceofaten-yearbond.
increasesthepriceofaten-yearbondmorethanthepriceofafive-yearbond.
decreasesthepriceofafive-yearbondmorethanthepriceofaten-yearbond.
decreasesthepriceofaten-yearbondmorethanthepriceofafive-yearbond.
increasesallbondpricesbythesamedollaramount.
Thereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$950nextyearis
10percent.
5percent.
0percent.
5percent.
28)Whichofthefollowingaregenerallytrueofallbonds
Theonlybondwhosereturnequalstheinitialyieldtomaturityisonewhosetimetomaturityisthesameastheholdingperiod.
(b)Ariseininterestratesisassociatedwithafallinbondprices,
resultingincapitallossesonbondswhosetermstomaturityare
longerthantheholdingperiods.
(c)Thelongerabond’smaturity,thesmalleristhesize
changeassociatedwithaninterestratechange.
oftheprice
Alloftheabovearetrue.
Only(a)and(b)oftheabovearetrue.
Thenominalinterestrateminustheexpectedrateofinflation
definestherealinterestrate.
is
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