兹维博迪金融学第二版试题库08TB

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 yield?

(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 life

of 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 bond

Answer: (d)

18. The ________ of the bond is interest rate applied to the ________ of the bond to compute the

periodic payment.

(a) coupon rate; face value (b) maturity rate; face value (c) coupon rate; price (d) maturity rate; price

Answer: (a)

19. For a bond with a face value of $1,000 and coupon rate of 11%, what is the annual coupon payment?

(a) $100 (b) $110 (c) $1,000 (d) $1,100

Answer: (b)

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20. 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) $1,190

Answer: (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 bond

Answer: (a)

22. If the bond’s market price is higher than its face value, it is termed a ________.

(a) par bond

(b) premium bond (c) discount bond

(d) zero-discount bond

Answer: (b)

23. If the bond’s market price is lower than its face value, it is termed a ________.

(a) par bond

(b) premium bond (c) discount bond (d) zero-par bond

Answer: (c)

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24. If a bond selling for $850 has an annual coupon payment of $80 and a face value of $1,000, what is

its current yield?

(a) 8.00% (b) 9.41% (c) 17.65% (d) 27.05%

Answer: (b)

25. If a bond selling for $1,120 has an annual coupon payment of $110 and a face value of $1,000, what

is its current yield?

(a) 8.90% (b) 9.82% (c) 10.71% (d) 11.00%

Answer: (b)

26. If a bond selling for $900 has an annual coupon payment of $80 and a face value of $1,000, what is

its current yield?

(a) 8.00% (b) 8.89% (c) 11.00% (d) 20.00%

Answer: (b)

27. The ________ is the discount rate that makes the present value of the bond’s stream of promised cash

payments equal to its price.

(a) compound rate (b) yield to maturity (c) coupon rate (d) current yield

Answer: (b)

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28. Suppose you are considering buying a one-year 11% coupon bond with a face value of $1,000 and a

current price of $1,020. What is its yield to maturity?

(a) 8.82% (b) 9.00% (c) 10.78% (d) 11.00%

Answer: (a)

29. Suppose you are considering buying a one-year 11% coupon bond with a face value of $1,000 and a

current price of $1,050. What is its yield to maturity?

(a) 4.76% (b) 5.71% (c) 6.00% (d) 10.48%

Answer: (b)

30. Suppose you are considering buying a five-year 11% coupon bond with a face value of $1,000 and a

current price of $950. What is its yield to maturity?

(a) 5.62% (b) 9.63% (c) 11.58% (d) 12.40%

Answer: (d)

31. Suppose you are considering buying a five-year 11% coupon bond with a face value of $1,000 and a

current price of $1,100. What is its yield to maturity?

(a) 3.87% (b) 8.47% (c) 10.00% (d) 13.62%

Answer: (b)

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