2022年第三章利率与估值2 .pdf

《2022年第三章利率与估值2 .pdf》由会员分享，可在线阅读，更多相关《2022年第三章利率与估值2 .pdf（12页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、学习必备欢迎下载Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation? 3.1 Single Choice 1) A loan that requires the borrower to make the same payment every period until the maturity date is called a A) simple loan. B) fixed-payment loan. C) discount loan. D) same-payment loan. E) none o

2、f the above. 2) A coupon bond pays the owner of the bond A) the same amount every month until maturity date. B) a fixed interest payment every period and repays the face value at the maturity date. C) the face value of the bond plus an interest payment once the maturity date has been reached. D) the

3、 face value at the maturity date. E) none of the above. 3) A bonds future payments are called its A) cash flows. B) maturity values. C) discounted present values. D) yields to maturity. 4) A credit market instrument that pays the owner the face value of the security at the maturity date and nothing

4、prior to then is called a A) simple loan. B) fixed-payment loan. C) coupon bond. D) discount bond. 5) (I) A simple loan requires the borrower to repay the principal at the maturity date along with an interest payment. (II) A discount bond is bought at a price below its face value, and the face value

5、 is repaid at the maturity date. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 6) Which of the following are true of coupon bonds? A) The owner of a coupon bond receives a fixed interest payment every year until the maturity date, when the face or par v

6、alue is repaid. B) U.S. Treasury bonds and notes are examples of coupon bonds. C) Corporate bonds are examples of coupon bonds. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 1 页，共 12 页学习必备欢迎下载D) All of the above. E) Only A and B of the above. 7) Which of the following are generally true of all bond

7、s? A) The longer a bonds maturity, the lower is the rate of return that occurs as a result of the increase in an interest rate. B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. C) Prices and returns for long-term bonds are

8、more volatile than those for shorter-term bonds. D) All of the above are true. E) Only A and B of the above are true. 8) (I) A discount bond requires the borrower to repay the principal at the maturity date plus an interest payment. (II) A coupon bond pays the lender a fixed interest payment every y

9、ear until the maturity date, when a specified final amount (face or par value) is repaid. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 9) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year is A) $650. B) $1,300.

10、 C) $130. D) $13. E) None of the above. 10) An $8,000 coupon bond with a $400 annual coupon payment has a coupon rate of A) 5 percent. B) 8 percent. C) 10 percent. D) 40 percent. 11) The concept of _ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you

11、than a dollar today. A) present value B) future value C) interest D) deflation 12) Dollars received in the future are worth _ than dollars received today. The process of calculating what dollars received in the future are worth today is called _ A) more; discounting. B) less; discounting. 精选学习资料 - -

12、 - - - - - - - 名师归纳总结 - - - - - - -第 2 页，共 12 页学习必备欢迎下载C) more; inflating. D) less; inflating. 13) The process of calculating what dollars received in the future are worth today is called A) calculating the yield to maturity. B) discounting the future. C) compounding the future. D) compounding the p

13、resent. 14) With an interest rate of 5 percent, the present value of $100 received one year from now is approximately A) $100. B) $105. C) $95. D) $90. 15) With an interest rate of 10 percent, the present value of a security that pays $1,100 next year and $1,460 four years from now is approximately

14、A) $1,000. B) $2,000. C) $2,560. D) $3,000. 16) With an interest rate of 8 percent, the present value of $100 received one year from now is approximately A) $93. B) $96. C) $100. D) $108. 17) With an interest rate of 6 percent, the present value of $100 received one year from now is approximately A)

15、 $106. B) $100. C) $94. D) $92. 18) The interest rate that equates the present value of the cash flow received from a debt instrument with its market price today is the A) simple interest rate. B) discount rate. C) yield to maturity. D) real interest rate. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - -

16、 -第 3 页，共 12 页学习必备欢迎下载19) The interest rate that financial economists consider to be the most accurate measure is the A) current yield. B) yield to maturity. C) yield on a discount basis. D) coupon rate. 20) Financial economists consider the _ to be the most accurate measure of interest rates. A) si

17、mple interest rate B) discount rate C) yield to maturity D) real interest rate 21) For a simple loan, the simple interest rate equals the A) real interest rate. B) nominal interest rate. C) current yield. D) yield to maturity. 22) For simple loans, the simple interest rate is _ the yield to maturity

18、. A) greater than B) less than C) equal to D) not comparable to 23) The yield to maturity of a one-year, simple loan of $500 that requires an interest payment of $40 is A) 5 percent. B) 8 percent. C) 12 percent. D) 12.5 percent. 24) The yield to maturity of a one-year, simple loan of $400 that requi

19、res an interest payment of $50 is A) 5 percent. B) 8 percent. C) 12 percent. D) 12.5 percent. 25) A $10,000, 8 percent coupon bond that sells for $10,000 has a yield to maturity of A) 8 percent. B) 10 percent. C) 12 percent. D) 14 percent. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 4 页，共 12 页学习必

20、备欢迎下载26) Which of the following $1,000 face value securities has the highest yield to maturity? A) A 5 percent coupon bond selling for $1,000 B) A 10 percent coupon bond selling for $1,000 C) A 12 percent coupon bond selling for $1,000 D) A 12 percent coupon bond selling for $1,100 27) Which of the

21、following $1,000 face value securities has the highest yield to maturity? A) A 5 percent coupon bond selling for $1,000 B) A 10 percent coupon bond selling for $1,000 C) A 15 percent coupon bond selling for $1,000 D) A 15 percent coupon bond selling for $900 28) Which of the following are true for a

22、 coupon bond? A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. B) The price of a coupon bond and the yield to maturity are negatively related. C) The yield to maturity is greater than the coupon rate when the bond price is below the par value. D) All

23、 of the above are true. E) Only A and B of the above are true. 29) Which of the following are true for a coupon bond? A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. B) The price of a coupon bond and the yield to maturity are negatively related. C)

24、The yield to maturity is greater than the coupon rate when the bond price is above the par value. D) All of the above are true. E) Only A and B of the above are true. 30) Which of the following are true for a coupon bond? A) When the coupon bond is priced at its face value, the yield to maturity equ

25、als the coupon rate. B) The price of a coupon bond and the yield to maturity are positively related. C) The yield to maturity is greater than the coupon rate when the bond price is above the par value. D) All of the above are true. E) Only A and B of the above are true. 31) A consol bond is a bond t

26、hat A) pays interest annually and its face value at maturity. B) pays interest in perpetuity and never matures. C) pays no interest but pays face value at maturity. D) rises in value as its yield to maturity rises. 32) The yield to maturity on a consol bond that pays $100 yearly and sells for $500 i

27、s 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 5 页，共 12 页学习必备欢迎下载A) 5 percent. B) 10 percent. C) 12.5 percent. D) 20 percent. E) 25 percent. 33) The yield to maturity on a consol bond that pays $200 yearly and sells for $1000 is A) 5 percent. B) 10 percent. C) 20 percent. D) 25 percent. 34) A freq

28、uently used approximation for the yield to maturity on a long-term bond is the A) coupon rate. B) current yield. C) cash flow interest rate. D) real interest rate. 35) The current yield on a coupon bond is the bonds _ divided by its _. A) annual coupon payment; price B) annual coupon payment; face v

29、alue C) annual return; price D) annual return; face value 36) When a bonds price falls, its yield to maturity _ and its current yield _. A) falls; falls B) rises; rises C) falls; rises D) rises; falls 37) The yield to maturity for a one-year discount bond equals A) the increase in price over the yea

30、r, divided by the initial price. B) the increase in price over the year, divided by the face value. C) the increase in price over the year, divided by the interest rate. D) none of the above. 38) If a $10,000 face value discount bond maturing in one year is selling for $8,000, then its yield to matu

31、rity is A) 10 percent. B) 20 percent. C) 25 percent. D) 40 percent. 39) If a $10,000 face value discount bond maturing in one year is selling for $9,000, then its yield 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 6 页，共 12 页学习必备欢迎下载to maturity is A) 9 percent. B) 10 percent. C) 11 percent. D) 12 p

32、ercent. 40) If a $10,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity is A) 5 percent. B) 10 percent. C) 50 percent. D) 100 percent. 41) If a $5,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity is A

33、) 0 percent. B) 5 percent. C) 10 percent. D) 20 percent. 42) The Fisher equation states that A) the nominal interest rate equals the real interest rate plus the expected rate of inflation. B) the real interest rate equals the nominal interest rate less the expected rate of inflation. C) the nominal

34、interest rate equals the real interest rate less the expected rate of inflation. D) both A and B of the above are true. E) both A and C of the above are true. 43) If you expect the inflation rate to be 15 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real inter

35、est rate on this bond is A) 7 percent. B) 22 percent. C) -15 percent. D) -8 percent. E) none of the above. 44) If you expect the inflation rate to be 5 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is A) -12 percent. B) -2 percen

36、t. C) 2 percent. D) 12 percent. 45) The nominal interest rate minus the expected rate of inflation A) defines the real interest rate. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 7 页，共 12 页学习必备欢迎下载B) is a better measure of the incentives to borrow and lend than is the nominal interest rate. C) is

37、a more accurate indicator of the tightness of credit market conditions than is the nominal interest rate. D) all of the above. E) only A and B of the above. 46) The nominal interest rate minus the expected rate of inflation A) defines the real interest rate. B) is a less accurate measure of the ince

38、ntives to borrow and lend than is the nominal interest rate. C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate. D) defines the discount rate. 47) In which of the following situations would you prefer to be making a loan? A) The interest ra

39、te is 9 percent and the expected inflation rate is 7 percent. B) The interest rate is 4 percent and the expected inflation rate is 1 percent. C) The interest rate is 13 percent and the expected inflation rate is 15 percent. D) The interest rate is 25 percent and the expected inflation rate is 50 per

40、cent. 48) In which of the following situations would you prefer to be borrowing? A) The interest rate is 9 percent and the expected inflation rate is 7 percent. B) The interest rate is 4 percent and the expected inflation rate is 1 percent. C) The interest rate is 13 percent and the expected inflati

41、on rate is 15 percent. D) The interest rate is 25 percent and the expected inflation rate is 50 percent. 49) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 one year later? A) 5 percent B) 10 percent C) -5 percent D) 25 percent E) None of the above

42、50) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 one year later? A) 5 percent B) 10 percent C) -5 percent D) -10 percent E) None of the above 51) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,100 one year la

43、ter is A) 5 percent. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 8 页，共 12 页学习必备欢迎下载B) 10 percent. C) 14 percent. D) 15 percent. 52) The return on a 10 percent coupon bond that initially sells for $1,000 and sells for $900 one year later is A) -10 percent. B) -5 percent. C) 0 percent. D) 5 percent

44、. 53) Which of the following are generally true of all bonds? A) The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding period. B) A rise in interest rates is associated with a fall in bond prices, resulting in capital losses on bonds

45、 whose term to maturities are longer than the holding period. C) The longer a bonds maturity, the greater is the price change associated with a given interest rate change. D) All of the above are true. E) Only A and B of the above are true. 54) Which of the following are true concerning the distinct

46、ion between interest rates and return? A) The rate of return on a bond will not necessarily equal the interest rate on that bond. B) The return can be expressed as the sum of the current yield and the rate of capital gains. C) The rate of return will be greater than the interest rate when the price

47、of the bond falls between time t and time t + 1. D) All of the above are true. E) Only A and B of the above are true. 55) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding? A) A bond with one year to maturity B)

48、A bond with five years to maturity C) A bond with ten years to maturity D) A bond with twenty years to maturity 56) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent

49、over the course of the year, what is the yearly return on the bond you are holding? A) 5 percent B) 10 percent C) 15 percent D) 20 percent 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 9 页，共 12 页学习必备欢迎下载57) (I) Prices of longer-maturity bonds respond more dramatically to changes in interest rates.

50、(II) Prices and returns for long-term bonds are less volatile than those for short-term bonds. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 58) (I) Prices of longer-maturity bonds respond less dramatically to changes in interest rates. (II) Prices and