兹维博迪金融学第二版试题库08TBword精品.docx

1、兹维博迪金融学第二版试题库08TBword精品Chapter EightValuation of Known Cash Flows: BondsThis chapter con tai ns 50 multiple choice questi on s, 18 short problems and 9 Ion ger problems.Multiple Choice1. A is a quantitative method used to infer an assets value from market information about theprices of other assets

2、and market in terest rates.(a) fixed model(b) perpetual valuation model(c) valuation model(d) variable modelAn swer: (c)2. are examples of fixed-income securities.(a) Common stock and pension funds(b) Mortgages and pension annuities(c) Mutual funds and com mon stock(d) Preferred stock and com mon st

3、ockAn swer: (b)3. Consider a fixed-income security that promises to pay $150 each year for the next five years. How much is this five-year annuity worth if the appropriate discount rate is 7% per year?(a) $534.74(b) $615.03(c) $802.50(d) $867.96An swer: (b)4. Consider a fixed-income security that pr

4、omises to pay $120 each year for the next four years. Calculate the value of this four-year annuity if the appropriate discount rate is 6% per year.(a) $415.81(b) $508.80(c) $531.85(d) $629.06Answer: (a)5. The price of any existing fixed-income security when market interest rates rise becauseinvesto

5、rs will only be willing to them if they offer a competitive yield.(a) rises; buy(b) rises; sell(c) falls; buy(d) falls; sellAnswer: (c)6. A fall in interest rates causes a in the market value of a fixed-income security.(a) a rise(b) a fall(c) no change(d) it cannot be determined from the information

6、 givenAnswer: (a)7. A change in market interest rates causes in the market values of all existing contractspromising fixed payments in the future.(a) a change in the same direction(b) a change in the opposite direction(c) no change(d) an unpredictable variationAnswer: (b)8. What happens to the value

7、 of a four-year fixed-income security promising $100 per year if the market interest rate rises from 5% to 6% per year?(a) A rise of 1% causes a drop of $4.87 in market value.(b) A rise of 1% causes a rise of $4.87 in market value.(c) A rise of 1% causes a drop of $8.09 in market value.(d) A rise of

8、 1% causes a rise of $8.09 in market value.Answer: (c)9. What happens to the value of a four-year fixed-income security promising $100 per year if the market interest rate falls from 6% to 5% per year?(a) A fall of 1% causes a drop of $4.87 in market value.(b) A fall of 1% causes a rise of $4.87 in

9、market value.(c) A fall of 1% causes a drop of $8.09 in market value.(d) A fall of 1% causes a rise of $8.09 in market value.Answer: (d)10. A zero-coupon bond is also known as (a) a perpetual bond(b) a pure discount bond(c) a market rebate(d) an infinite bondAnswer: (b)11. The promised cash payment

10、on a pure discount bond is called its (a) face value(b) par value(c) fixed interest(d) both a and bAnswer: (d)12. What is the yield of a 1-year pure discount bond with a price of $850 and a face value of $1,000?(a) 8.50%(b) 9.09%(c) 15.00%(d) 17.65%Answer: (d)13. What is the yield of a 1-year pure d

11、iscount bond with a price of $900 and a face value of $1,000?(a) 5.26%(b) 10.00%(c) 11.11%(d) 15.79%Answer: (c)14. Consider a four-year pure discount bond with a face value of $1,000. If its current price is $850, compute its annualized yield.(a) 1.17%(b) 4.15%(c) 5.57%(d) 17.60%Answer: (b)15. Consi

12、der a three-year pure discount bond with a face value of $1,000. If its current price is $900, compute its annualized yield.(a) 1.036%(b) 1.111%(c) 3.57%(d) 5.41%Answer: (c)16. Consider a five-year pure discount bond with a face value of $1,000. If its current price is $780, what is its annualized y

13、ield?(a) 5.09%(b) 2.82%(c) 1.28%(d) 1.05%Answer: (a)17. A obligates the issuer to make periodic payments of interest to the bondholder for the lifeof the bond and then to pay the face value of the bond when the bond matures.(a) pure discount(b) zero-coupon(c) perpetual bond(d) coupon bondAnswer: (d)

14、18. The of the bond is interest rate applied to the of the bond to compute theperiodic payment.(a) coupon rate; face value(b) maturity rate; face value(c) coupon rate; price(d) maturity rate; priceAnswer: (a)19. For a bond with a face value of $1,000 and coupon rate of 11%, what is the annual coupon

15、 payment?(a) $100(b) $110(c) $1,000(d) $1,10020. For a bond with a face value of $1,000 and a coupon rate of 9%, what is the annual coupon payment?(a) $90(b) $99(c) $1,000(d) $1,190Answer: (a)21. If the market price of a coupon bond equals its face value, it is also termed a (a) par bond(b) premium bond(c) discount bond(d) zero-discount bondAnswer: (a)22. If the bond s market price is higher than its face value, it is terme_d_a .(a) par bond(b) premium bond(c) discount bond(d) zero-discount bondAnswe