Question 14 A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A. 6.5%.
B. 7.4%.
C. 8.6%.
D. 8.0%.
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Question 13 Which of the following statements about embedded call options is most accurate？
A. The call price acts as a floor on the value of a callable bond.
B. The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
C. When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D. The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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