第三章 利率与估值(英文习题及答案)

第三章利率与估值(英文习题及答案)第三章利率与估值(英文习题及答案)第三章利率与估值(英文习题及答案)V:1.0精细整理，仅供参考第三章利率与估值(英文习题及答案)日期：20xx年X月Chapter3WhatDoInterestRatesMeanandWhatIsTheirRoleinValuationSingleChoice1)AloanthatrequirestheborrowertomakethesamepaymenteveryperioduntilthematuritydateiscalledaA)simpleloan.B)fixed-paymentloan.C)discountloan.D)same-paymentloan.E)noneoftheabove.2)AcouponbondpaystheownerofthebondA)thesameamounteverymonthuntilmaturitydate.B)afixedinterestpaymenteveryperiodandrepaysthefacevalueatthematuritydate.C)thefacevalueofthebondplusaninterestpaymentoncethematuritydatehasbeenreached.D)thefacevalueatthematuritydate.E)noneoftheabove.3)Abond'sfuturepaymentsarecalleditsA)cashflows.B)maturityvalues.C)discountedpresentvalues.D)yieldstomaturity.4)AcreditmarketinstrumentthatpaystheownerthefacevalueofthesecurityatthematuritydateandnothingpriortotheniscalledaA)simpleloan.B)fixed-paymentloan.C)couponbond.D)discountbond.5)(I)Asimpleloanrequirestheborrowertorepaytheprincipalatthematuritydatealongwithaninterestpayment.(II)Adiscountbondisboughtatapricebelowitsfacevalue,andthefacevalueisrepaidatthematuritydate.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.6)WhichofthefollowingaretrueofcouponbondsA)Theownerofacouponbondreceivesafixedinterestpaymenteveryyearuntilthematuritydate,whenthefaceorparvalueisrepaid.B).Treasurybondsandnotesareexamplesofcouponbonds.C)Corporatebondsareexamplesofcouponbonds.D)Alloftheabove.E)OnlyAandBoftheabove.7)WhichofthefollowingaregenerallytrueofallbondsA)Thelongerabond'smaturity,theloweristherateofreturnthatoccursasaresultoftheincreaseinaninterestrate.B)Eventhoughabondhasasubstantialinitialinterestrate,itsreturncanturnouttobenegativeifinterestratesrise.C)Pricesandreturnsforlong-termbondsaremorevolatilethanthoseforshorter-termbonds.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.8)(I)Adiscountbondrequirestheborrowertorepaytheprincipalatthematuritydateplusaninterestpayment.(II)Acouponbondpaysthelenderafixedinterestpaymenteveryyearuntilthematuritydate,whenaspecifiedfinalamount(faceorparvalue)isrepaid.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.9)Ifa$5,000couponbondhasacouponrateof13percent,thenthecouponpaymenteveryyearisA)$650.B)$1,300.C)$130.D)$13.E)Noneoftheabove.10)An$8,000couponbondwitha$400annualcouponpaymenthasacouponrateofA)5percent.B)8percent.C)10percent.D)40percent.11)Theconceptof_________isbasedonthecommon-sensenotionthatadollarpaidtoyouinthefutureislessvaluabletoyouthanadollartoday.A)presentvalueB)futurevalueC)interestD)deflation12)Dollarsreceivedinthefutureareworth_________thandollarsreceivedtoday.Theprocessofcalculatingwhatdollarsreceivedinthefutureareworthtodayiscalled_________A)more;discounting.B)less;discounting.C)more;inflating.D)less;inflating.13)TheprocessofcalculatingwhatdollarsreceivedinthefutureareworthtodayiscalledA)calculatingtheyieldtomaturity.B)discountingthefuture.C)compoundingthefuture.D)compoundingthepresent.14)Withaninterestrateof5percent,thepresentvalueof$100receivedoneyearfromnowisapproximatelyA)$100.B)$105.C)$95.D)$90.15)Withaninterestrateof10percent,thepresentvalueofasecuritythatpays$1,100nextyearand$1,460fouryearsfromnowisapproximatelyA)$1,000.B)$2,000.C)$2,560.D)$3,000.16)Withaninterestrateof8percent,thepresentvalueof$100receivedoneyearfromnowisapproximatelyA)$93.B)$96.C)$100.D)$108.17)Withaninterestrateof6percent,thepresentvalueof$100receivedoneyearfromnowisapproximatelyA)$106.B)$100.C)$94.D)$92.18)TheinterestratethatequatesthepresentvalueofthecashflowreceivedfromadebtinstrumentwithitsmarketpricetodayistheA)simpleinterestrate.B)discountrate.C)yieldtomaturity.D)realinterestrate.19)TheinterestratethatfinancialeconomistsconsidertobethemostaccuratemeasureistheA)currentyield.B)yieldtomaturity.C)yieldonadiscountbasis.D)couponrate.20)Financialeconomistsconsiderthe_________tobethemostaccuratemeasureofinterestrates.A)simpleinterestrateB)discountrateC)yieldtomaturityD)realinterestrate21)Forasimpleloan,thesimpleinterestrateequalstheA)realinterestrate.B)nominalinterestrate.C)currentyield.D)yieldtomaturity.22)Forsimpleloans,thesimpleinterestrateis_________theyieldtomaturity.A)greaterthanB)lessthanC)equaltoD)notcomparableto23)Theyieldtomaturityofaone-year,simpleloanof$500thatrequiresaninterestpaymentof$40isA)5percent.B)8percent.C)12percent.D)percent.24)Theyieldtomaturityofaone-year,simpleloanof$400thatrequiresaninterestpaymentof$50isA)5percent.B)8percent.C)12percent.D)percent.25)A$10,000,8percentcouponbondthatsellsfor$10,000hasayieldtomaturityofA)8percent.B)10percent.C)12percent.D)14percent.26)Whichofthefollowing$1,000facevaluesecuritieshasthehighestyieldtomaturityA)A5percentcouponbondsellingfor$1,000B)A10percentcouponbondsellingfor$1,000C)A12percentcouponbondsellingfor$1,000D)A12percentcouponbondsellingfor$1,10027)Whichofthefollowing$1,000facevaluesecuritieshasthehighestyieldtomaturityA)A5percentcouponbondsellingfor$1,000B)A10percentcouponbondsellingfor$1,000C)A15percentcouponbondsellingfor$1,000D)A15percentcouponbondsellingfor$90028)WhichofthefollowingaretrueforacouponbondA)Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.B)Thepriceofacouponbondandtheyieldtomaturityarenegativelyrelated.C)Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisbelowtheparvalue.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.29)WhichofthefollowingaretrueforacouponbondA)Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.B)Thepriceofacouponbondandtheyieldtomaturityarenegativelyrelated.C)Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisabovetheparvalue.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.30)WhichofthefollowingaretrueforacouponbondA)Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.B)Thepriceofacouponbondandtheyieldtomaturityarepositivelyrelated.C)Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisabovetheparvalue.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.31)AconsolbondisabondthatA)paysinterestannuallyanditsfacevalueatmaturity.B)paysinterestinperpetuityandnevermatures.C)paysnointerestbutpaysfacevalueatmaturity.D)risesinvalueasitsyieldtomaturityrises.32)Theyieldtomaturityonaconsolbondthatpays$100yearlyandsellsfor$500isA)5percent.B)10percent.C)percent.D)20percent.E)25percent.33)Theyieldtomaturityonaconsolbondthatpays$200yearlyandsellsfor$1000isA)5percent.B)10percent.C)20percent.D)25percent.34)Afrequentlyusedapproximationfortheyieldtomaturityonalong-termbondistheA)couponrate.B)currentyield.C)cashflowinterestrate.D)realinterestrate.35)Thecurrentyieldonacouponbondisthebond's_________dividedbyits_________.A)annualcouponpayment;priceB)annualcouponpayment;facevalueC)annualreturn;priceD)annualreturn;facevalue36)Whenabond'spricefalls,itsyieldtomaturity_________anditscurrentyield_________.A)falls;fallsB)rises;risesC)falls;risesD)rises;falls37)Theyieldtomaturityforaone-yeardiscountbondequalsA)theincreaseinpriceovertheyear,dividedbytheinitialprice.B)theincreaseinpriceovertheyear,dividedbythefacevalue.C)theincreaseinpriceovertheyear,dividedbytheinterestrate.D)noneoftheabove.38)Ifa$10,000facevaluediscountbondmaturinginoneyearissellingfor$8,000,thenitsyieldtomaturityisA)10percent.B)20percent.C)25percent.D)40percent.39)Ifa$10,000facevaluediscountbondmaturinginoneyearissellingfor$9,000,thenitsyieldtomaturityisA)9percent.B)10percent.C)11percent.D)12percent.40)Ifa$10,000facevaluediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityisA)5percent.B)10percent.C)50percent.D)100percent.41)Ifa$5,000facevaluediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityisA)0percent.B)5percent.C)10percent.D)20percent.42)TheFisherequationstatesthatA)thenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.B)therealinterestrateequalsthenominalinterestratelesstheexpectedrateofinflation.C)thenominalinterestrateequalstherealinterestratelesstheexpectedrateofinflation.D)bothAandBoftheabovearetrue.E)bothAandCoftheabovearetrue.43)Ifyouexpecttheinflationratetobe15percentnextyearandaone-yearbondhasayieldtomaturityof7percent,thentherealinterestrateonthisbondisA)7percent.B)22percent.C)-15percent.D)-8percent.E)noneoftheabove.44)Ifyouexpecttheinflationratetobe5percentnextyearandaone-yearbondhasayieldtomaturityof7percent,thentherealinterestrateonthisbondisA)-12percent.B)-2percent.C)2percent.D)12percent.45)ThenominalinterestrateminustheexpectedrateofinflationA)definestherealinterestrate.B)isabettermeasureoftheincentivestoborrowandlendthanisthenominalinterestrate.C)isamoreaccurateindicatorofthetightnessofcreditmarketconditionsthanisthenominalinterestrate.D)alloftheabove.E)onlyAandBoftheabove.46)ThenominalinterestrateminustheexpectedrateofinflationA)definestherealinterestrate.B)isalessaccuratemeasureoftheincentivestoborrowandlendthanisthenominalinterestrate.C)isalessaccurateindicatorofthetightnessofcreditmarketconditionsthanisthenominalinterestrate.D)definesthediscountrate.47)InwhichofthefollowingsituationswouldyouprefertobemakingaloanA)Theinterestrateis9percentandtheexpectedinflationrateis7percent.B)Theinterestrateis4percentandtheexpectedinflationrateis1percent.C)Theinterestrateis13percentandtheexpectedinflationrateis15percent.D)Theinterestrateis25percentandtheexpectedinflationrateis50percent.48)InwhichofthefollowingsituationswouldyouprefertobeborrowingA)Theinterestrateis9percentandtheexpectedinflationrateis7percent.B)Theinterestrateis4percentandtheexpectedinflationrateis1percent.C)Theinterestrateis13percentandtheexpectedinflationrateis15percent.D)Theinterestrateis25percentandtheexpectedinflationrateis50percent.49)Whatisthereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$1,200oneyearlaterA)5percentB)10percentC)-5percentD)25percentE)Noneoftheabove50)Whatisthereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$900oneyearlaterA)5percentB)10percentC)-5percentD)-10percentE)Noneoftheabove51)Thereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$1,100oneyearlaterisA)5percent.B)10percent.C)14percent.D)15percent.52)Thereturnona10percentcouponbondthatinitiallysellsfor$1,000andsellsfor$900oneyearlaterisA)-10percent.B)-5percent.C)0percent.D)5percent.53)WhichofthefollowingaregenerallytrueofallbondsA)Theonlybondwhosereturnequalstheinitialyieldtomaturityisonewhosetimetomaturityisthesameastheholdingperiod.B)Ariseininterestratesisassociatedwithafallinbondprices,resultingincapitallossesonbondswhosetermtomaturitiesarelongerthantheholdingperiod.C)Thelongerabond'smaturity,thegreateristhepricechangeassociatedwithagiveninterestratechange.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.54)WhichofthefollowingaretrueconcerningthedistinctionbetweeninterestratesandreturnA)Therateofreturnonabondwillnotnecessarilyequaltheinterestrateonthatbond.B)Thereturncanbeexpressedasthesumofthecurrentyieldandtherateofcapitalgains.C)Therateofreturnwillbegreaterthantheinterestratewhenthepriceofthebondfallsbetweentimetandtimet+1.D)Alloftheabovearetrue.E)OnlyAandBoftheabovearetrue.55)Iftheinterestratesonallbondsrisefrom5to6percentoverthecourseoftheyear,whichbondwouldyouprefertohavebeenholdingA)AbondwithoneyeartomaturityB)AbondwithfiveyearstomaturityC)AbondwithtenyearstomaturityD)Abondwithtwentyyearstomaturity56)Supposeyouareholdinga5percentcouponbondmaturinginoneyearwithayieldtomaturityof15percent.Iftheinterestrateonone-yearbondsrisesfrom15percentto20percentoverthecourseoftheyear,whatistheyearlyreturnonthebondyouareholdingA)5percentB)10percentC)15percentD)20percent57)(I)Pricesoflonger-maturitybondsrespondmoredramaticallytochangesininterestrates.(II)Pricesandreturnsforlong-termbondsarelessvolatilethanthoseforshort-termbonds.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.58)(I)Pricesoflonger-maturitybondsrespondlessdramaticallytochangesininterestrates.(II)Pricesandreturnsforlong-termbondsarelessvolatilethanthoseforshorter-termbonds.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.59)Theriskinessofanasset'sreturnthatresultsfrominterestratechangesiscalledA)interest-raterisk.B)coupon-raterisk.C)reinvestmentrisk.D)yield-to-maturityrisk.60)Ifaninvestor'sholdingperiodislongerthanthetermtomaturityofabond,heorsheisexposedtoA)interest-raterisk.B)reinvestmentrisk.C)bond-marketrisk.D)yield-to-maturityrisk.61)ReinvestmentriskistheriskthatA)abond'svaluemayfallinthefuture.B)abond'sfuturecouponpaymentsmayhavetobeinvestedataratelowerthanthebond'syieldtomaturity.C)aninvestor'sholdingperiodwillbeshortandequalinlengthtothematurityofthebondsheorsheholds.D)abond'sissuermayfailtomakethefuturecouponpaymentsandaninvestorwillhavenocashtoreinvest.62)(I)Theaveragelifetimeofadebtsecurity'sstreamofpaymentsiscalledduration.(II)Thedurationofaportfolioistheweightedaverageofthedurationsoftheindividualsecurities,withtheweightsreflectingtheproportionoftheportfolioinvestedineach.A)(I)istrue,(II)false.B)(I)isfalse,(II)true.C)Botharetrue.D)Botharefalse.63)Thedurationofaten-year,10percentcouponbondwhentheinterestrateis10percentisyears.Whathappenstotheprice