货币金融学(全英)chapter4习题.ppt

True or false 1. a discount bond is bought at a price below its face value and the face value is repaid at the maturity date. 2. coupon bond: if p lower than F, yield to maturity lower than coupon rate. 3. we can calculate the yield to maturity if we have known coupon rate and price of bond. 4.current yield is the most accurate index of interest rate, when economist talk about interest rate, they refer to current yield. 5. if interest rate raise from 4%to 5%, the bond holder will be benefit. 6. if all kinds of bonds interest rate decrease from8% to 6% in one years time, you prefer bonds with longer maturities. 7.compared to the situation in which interest rate is 15% and expected inflation rate is 14%, companies are more willing to borrow funds in the situation in which price is stable and interest rate is 2%. 8.compared to 1-year government bond which yield to maturity is 9.9%, you are more willing to hold 1-year government bond which discount yield is 10%. Choose the best answer 1. the present value of security that interest payment is $52.5 next year and $110.25 the second year, interest rate is 5% A $162.5 B $50 C $100 D $150 d 2.The concept of _ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today. A) present value B) future value C) interest D) deflation a 3.With an interest rate of 6 percent, the present value of $100 next year is approximately A) $106. B) $100. C) $94. D) $92. c 4.The present value of an expected future payment _ as the interest rate increases. A) falls B) rises C) is constant D) is unaffected Answer: A 5.If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate is A) 5 percent. B) 10 percent. C) 12.5 percent. D) 15 percent. Answer: B 6.An increase in the time to the promised future payment _ the present value of the payment. A) decreases B) increases C) has no effect on D) is irrelevant to Answer: A 7.To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the concept of A) face value. B) par value. C) deflation. D) discounting the future. Answer: D 8.The interest rate that equates the present value of payments received from a debt instrument with its value today is the A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate. Answer: C 9.Economists consider the _ to be the most accurate measure of interest rates. A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate. Answer: C 10.If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200? A) 9 percent B) 10 percent C) 11 percent D) 12 percent Answer: B 11.A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as a A) simple loan. B) fixed-payment loan. C) coupon bond. D) discount bond. Answer: A 12.For simple loans, the simple interest rate is _ the yield to maturity. A) greater than B) less than C) equal to D) not comparable to Answer: C 13.If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount is A) $1000. B)$1210. C) $2000. D) $2200. Answer: C 14.For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid is A) $10,030. B) $10,300. C) $13,000. D) $13,310. Answer: D 15.If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate is A) 5 percent. B) 10 percent. C) 22 percent. D) 25 percent. Answer: A 16.if the present value of security is $150 which interest payment is $55 next year and you will get $133 in the end of third year, the interest rate is ( ) A 10% B 5% C 15% D 20% a 17. if you are a professional athlete, which form you will choose to get your salary/ A every year you will be paid $2m in next 5 years B next year$6m, and every year$4m in next 4 year after that C every year be paid $1m, the last year be paid $6 D above forms have the same present value b 18. the present value of A+B is A. (present value of A) *B B. (present value of A+B)/future value C. (present value of A)+ (present value of B) D. (present value of A)* (present value of B) c 19. 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 C 250美元 D 100美元 E 上述都不是 c 20. next year you will be paid $105, and $110.25 will be paid the year after next year, its price is $200, the yield to maturity is A 4% B5% C6% D7% c 21. which has the lowest yield to maturity of the following face value $1000s bond A p=$1000,cr=5% B p=$1200,cr=5% C p=$900,cr=5% D p=$1000,cr=10% E p=$900,cr=10% b 22. which has the highest yield to maturity of the following face value $1000s bond A p=$1000,cr=5% B p=$1200,cr=5% C p=$900,cr=5% D p=$1000,cr=10% E p=$900,cr=10% e 23. a discount bond, 1 years maturity, p=$4000, its yield to maturity is A 5% B 10% C 25% D 50% c 24. the reason that bond holders are not willing to get information about interest rate rising is A their coupon payment will reduce B the return rate will reduce C return rate to maturity will reduce D price will reduce d 25. coupon bond: face value=$5000, cr=10%, p=$4000, current yield is A 5% B 10% C 12.5% D 15% 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 c 27. 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 A 5% B 10% C 20% D 50% a 29.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 A 9% B 8% C7% D6% E 5% b 30.the return rate is ( ) of this kind of coupon bond: coupon rate=15%, initial selling price is $1000, price of next year is $700. A 15% B 10% C -5% D -15% d 31.suppose you buy a discount bond and hold it until the maturity date, maturity =1 year, so the yield to maturity equall the ( ) A coupon rate B discount yield C capital gain D return rate E current yield d 32.which one in the following can not be calculated when we buy some bonds. A current yield B return rage C yield to maturity D a and b are correct E b and c are correct b 33. supposed that someone buy a $1,000 coupon bond, the coupon payment is $70, next year he or she sells this bond at a price of $936, so the capital gain is ( ) A 2% B 3% C 4% D5% E6% c 34. in which circumstance, you are the most willing to borrow funds ( ) A i=20%, expected inflation rate=15% B i=4%, expected inflation rate=15 1% C i=13%, expected inflation rate=15 15% D i=10%, expected inflation rate=15 15% d 35. if coupon rate of coupon bond is 4%, face value is $20,000, so the coupon payment is ( ) A $ 40 B $80 C $400 D $800 d Filling the blanks 估值年份 收入年份 2003 20042005 2003 2004 2005 50 50 50 50*（1+i） 50/（1+i） Calculate the present value of follows payment 1.500dollar 2 years later, interest rate 5% 2.500dollar 2 years later, interest rate 10% 3.500dollar 4years erest rate 10% The calculation Implies when the interest rate rise,what does the present value for payment change? The calculation Implies If the payment happen in the future ,what will the payment of present value change? If you apply for the fix payment car loan about 1000dollar,than you need to pay 600 dollar per year.;The repayment period is 2 years. 1.Write down the equations for calculating the yield to maturity date 2.If the interest rate is 10%,calculate the present value for the car loan payment. 3.Yield to maturity is higher or lower than 10%? 4.If the interest rate is 15%,calculate the present value for the car loan payment. 5.Yield to maturity is higher or lower than 15%? If you are considering to