新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Fixed Income":Introduction to Fixed-Income Valuation
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
If the annual market discount rate is 6%, the value of a three-year bond that has a 7% coupon rate, has a maturity (par) value of $1,000, and pays interest annually is closest to:
A 、$1,026.73.
B、 $1,049.17.
C、 $973.76.
Questions 2:
Which of the following is most likely a limitation of the yield to maturity measure?
A、It assumes coupon payments can be invested at the yield to maturity.
B、It does not consider the capital gain or loss the investor will realize by holding the bond to maturity.
C、It does not reflect the timing of the cash flows.
View answer resolution
【Answer to question 1】A
【analysis】
B is incorrect because it doubles the number of payments to 6, as if the bond were making semi-annual payments rather than annual.
C is incorrect because the coupon rate and discount rate are reversed.
【Answer to question 2】A
【analysis】
A is correct. Yield to maturity does consider reinvestment income; however, it assumes that the coupon payments can be reinvested at an interest rate equal to the yield to maturity. This is one of the limitations for the yield to maturity measure because the investor is facing reinvestment risk (future interest rates will be less than the yield to maturity at the time the bond is purchased).
B is incorrect because the yield to maturity measure considers not only the coupon income but also any capital gain or loss that the investor will realize by holding the bond to maturity.
C is incorrect because the yield to maturity measure considers the timing of the cash flows. Introduction to Fixed-I
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點擊了解>
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網安備 11010802044457號
