2022年第三章利率与估值.docx

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1、精选学习资料 - - - - - - - - - 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 loa

2、n. E none of 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.

3、 D the 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 p

4、rior 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 is repaid

5、 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 value is repaid. B U.S. T

6、reasury bonds and notes are examples of coupon bonds. C Corporate bonds are examples of coupon bonds. 名师归纳总结 - - - - - - -第 1 页,共 12 页精选学习资料 - - - - - - - - - D All of the above. E Only A and B of the above. 7 Which of the following are generally true of all bonds. A The longer a bonds maturity, the

7、 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 more volatile than those for shorter-ter

8、m 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 year until the maturity date, when a specified f

9、inal 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. C $130. D $13. E None of the above. 10 An $8,000 coupon bond wi

10、th 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 than a dollar today. A present value B future value C interest D deflatio

11、n 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. 名师归纳总结 - - - - - - -第 2 页,共 12 页精选学习资料 - - - - - - - - - C more; inflating. D less; inflat

12、ing. 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 present. 14 With an interest rate of 5 percent, the present value of $100 received one year from

13、 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 A $1,000. B $2,000. C $2,560. D $3,000. 16 With an interest rate of 8 percent, the present value of $

14、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 $106. B $100. C $94. D $92. 18 The interest rate that equates the present value of the cash flow received from

15、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. 名师归纳总结 - - - - - - -第 3 页,共 12 页精选学习资料 - - - - - - - - - 19 The interest rate that financial economists consider to be the most accurate measure is the A current y

16、ield. 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 simple 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

17、 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. 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 interes

18、t 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 requires 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

19、 yield to maturity of A 8 percent. B 10 percent. C 12 percent. D 14 percent. 名师归纳总结 - - - - - - -第 4 页,共 12 页精选学习资料 - - - - - - - - - 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 sell

20、ing 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 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 perce

21、nt coupon bond selling for $1,000 D A 15 percent coupon bond selling for $900 28 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

22、related. C The yield to maturity is greater than the coupon rate when the bond price is below the par value. D All 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 matur

23、ity 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 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

24、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 positively related. C The yield to maturity is greater than the coupon rate when the bond price is above the par va

25、lue. D All of the above are true. E Only A and B of the above are true. 31 A consol bond is a bond that 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 matur

26、ity rises. 32 The yield to maturity on a consol bond that pays $100 yearly and sells for $500 is 名师归纳总结 - - - - - - -第 5 页,共 12 页精选学习资料 - - - - - - - - - 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 f

27、or $1000 is A 5 percent. B 10 percent. C 20 percent. D 25 percent. 34 A frequently 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

28、its _. A annual coupon payment; price B annual coupon payment; face value 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-ye

29、ar discount bond equals A the increase in price over the year, 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 i

30、n one year is selling for $8,000, then its yield to maturity 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 名师归纳总结 - - - - - - -第 6 页,共 12 页精选学习资料 - - - - - - - - - to maturity is A 9 perc

31、ent. B 10 percent. C 11 percent. D 12 percent. 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

32、, then its yield to maturity is A 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

33、inflation. C the nominal 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 percen

34、t, then the real interest 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 percen

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

36、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 incentive

37、s 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 rate is 9 p

38、ercent 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 percent. 48 In

39、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 inflation rate is 15 pe

40、rcent. 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 50 What is the return o

41、n 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 later is A 5 percent. 名师归纳总结 - -

42、 - - - - -第 8 页,共 12 页精选学习资料 - - - - - - - - - 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. 53 Which of the following are generally true

43、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 whose term to maturities are longer than the hold

44、ing 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 distinction between interest rates and return. A The rate of r

45、eturn 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 of the bond falls between time t and time t + 1. D All of

46、 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 A bond with five years to maturity C A bond with ten years to maturity D A bond with t