题目内容

The 3-year annual spot rate is 7%, the 4-year annual spot rate is 7.5%, and the 5-year annual spot rate is 8%. Based on the pure expectations theory of interest rates, the 1-year implied forward rate in four years is closest to:（）

A. 10.00%.
B. 7.75%.
C. 9.00%.

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Given a required yield to maturity of 6 percent, what is the intrinsic value of a semi-annual pay coupon bond with an 8 percent coupon and 15 years remaining until maturity（）

A. $1196.
B. $1202.
C. $1095.

Consider a 10 percent, 10 - year bond sold to yield 8 percent. One year passes and interest rates remained unchanged (8 percent). What will have happened to the bond's price during this period（）

A. It will have decreased.
B. It will have increased.
C. It will have remained constant.

Which of the following characteristics would create the least difficulty in estimating a bond's cash flows（）

A. Variable coupon rate.
B. Put-able bond.
C. Non-callable bond.

What is the probable change in price of a 30-year semiannual 6.5 percent coupon, $1000 par value bond yielding 8 percent when the nominal risk-free rate changes from 5 percent to 4 percent（）

A. $106.34.
B. $107.31.
C. $102.57.