题目内容

Using the following information about spot rates, what is the price of a three-year bond with $100 par and annual coupon payments of 5 percent One-year rate: 4.78% Two-year rate: 5.56% Three-year rate: 5.98%（）

A. $97.47.
B. $96.33.
C. $98.87.

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To estimate the actual return of a bond when a callable bond's market price is higher than par use:（）

A. YTC.
B. YTM.
C. HPY.

What is the present value of a 7% semiannual-pay bond with a $1000 face value and 20 years to maturity if similar bonds are now yielding 8.25%（）

A. $1000.00.
B. $879.52.
C. $878.56.

How does the convexity of a bond influence the yield on the bond All else the same, for a bond with high convexity investors will require:（）

A. a higher yield.
B. a lower yield.
C. the same yield as for a low convexity bond.

The one-year spot rate is 6 percent and the one-year forward rates starting in one, two and three years respectively are 6.5 percent, 6.8 percent and 7 percent. What is the four-year spot rate（）

A. 6.51%.
B. 6.58%.
C. 6.57%.