固定收益证券作业1.docx
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固定收益证券作业1.docx
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固定收益证券作业1
固定收益证券作业1
1.Theamountaninvestorwillhavein15yearsif$1,000isinvestedtodayatanannualinterestrateof9%willbeclosestto:
A.$1,350.
B.$3,518.
C.$3,642.
2.Fiftyyearsago,aninvestorboughtashareofstockfor$10.Thestockhaspaidnodividendsduringthisperiod,yetithasreturned20%,compoundedannually,overthepast50years.Ifthisistrue,thesharepriceisnowclosestto:
A.$4,550.
B.$45,502.
C.$91,004.
3.Howmuchmustbeinvestedtodayat0%tohave$100inthreeyears?
A.$77.75.
B.$100.00.
C.$126.30.
4.Howmuchmustbeinvestedtoday,at8%interest,toaccumulateenoughtoretirea$10,000debtduesevenyearsfromtoday?
Theamountthatmustbeinvestedtodayisclosestto:
A.$5,835.
B.$6,123.
C.$8,794.
5.AnanalystestimatesthatXYZ’searningswillgrowfrom$3.00ashareto$4.50pershareoverthenexteightyears.
TherateofgrowthinXYZ’searningsisclosestto:
A.4.9%.
B.5.2%.
C.6.7%.
6.If$5,000isinvestedinafundofferingarateofreturnof12%peryear,approximatelyhowmanyyearswillittakefortheinvestmenttoreach$10,000?
A.4years.
B.5years.
C.6years.
7.Aninvestmentisexpectedtoproducethecashflowsof$500,$200,and$800attheendofthenextthreeyears.Iftherequiredrateofreturnis12%,thepresentvalueofthisinvestmentisclosestto:
A.$835.
B.$1,175.
C.$1,235.
8.Givenan8.5%discountrate,anassetthatgeneratescashflowsof$10inyear1,–$20inyear2,$10inyear3,andisthensoldfor$150attheendofyear4,hasapresentvalueof:
A.$108.29.
B.$135.58.
C.$163.42.
9.Aninvestorhasjustwonthelotteryandwillreceive$50,000peryearattheendofeachofthenext20years.Ata10%interestrate,thepresentvalueofthewinningsisclosestto:
A.$425,678.
B.$637,241.
C.$2,863,750.
10.If$10,000isinvestedtodayinanaccountthatearnsinterestatarateof9.5%,whatisthevalueoftheequalwithdrawalsthatcanbetakenoutoftheaccountattheendofeachofthenextfiveyearsiftheinvestorplanstodepletetheaccountattheendofthetimeperiod?
A.$2,453.
B.$2,604.
C.$2,750.
11.Aninvestoristoreceivea15-year$8,000annuity,thefirstpaymenttobereceivedtoday.Atan11%discountrate,thisannuity’sworthtodayisclosestto:
A.$55,855.
B.$57,527.
C.$63,855.
12.Givenan11%rateofreturn,theamountthatmustbeputintoaninvestmentaccountattheendofeachofthenexttenyearsinordertoaccumulate$60,000topayforachild’seducationisclosestto:
A.$2,500.
B.$3,588.
C.$4,432.
13.Aninvestorwillreceiveanannuityof$4,000ayearfortenyears.Thefirstpaymentistobereceivedfiveyearsfromtoday.Ata9%discountrate,thisannuity’sworthtodayisclosestto:
A.$16,684.
B.$18,186.
C.$25,671.
14.If$1,000isinvestedtodayand$1,000isinvestedatthebeginningofeachofthenextthreeyearsat12%interest(compoundedannually),theamountaninvestorwillhaveattheendofthefourthyearwillbeclosestto:
A.$4,779.
B.$5,353.
C.$6,792.
15.Aninvestorislookingata$150,000home.If20%mustbeputdownandthebalanceisfinancedat9%overthenext30years,whatisthemonthlymortgagepayment?
A.$799.33.
B.$895.21.
C.$965.55.
16.Givendailycompounding,thegrowthof$5,000investedforoneyearat12%interestwillbeclosestto:
A.$5,600.
B.$5,628.
C.$5,637.
17.TerryCorporationpreferredstocksareexpectedtopaya$9annualdividendforever.Iftherequiredrateofreturnonequivalentinvestmentsis11%,ashareofTerrypreferredshouldbeworth:
A.$81.82.
B.$99.00.
C.$122.22.
18.AshareofGeorgeCo.preferredstockissellingfor$65.Itpaysadividendof$4.50peryearandhasaperpetuallife.Therateofreturnitisofferingitsinvestorsisclosestto:
A.4.5%.
B.6.9%.
C.14.4%.
19.If$10,000isborrowedat10%interesttobepaidbackovertenyears,howmuchofthesecondyear’spaymentisinterest(assumeannualloanpayments)?
A.$937.26.
B.$954.25.
C.$1,037.26.
20.Whatistheeffectiveannualrateforacreditcardthatcharges18%compoundedmonthly?
A.15.38%.
B.18.81%.
C.19.56%.
分析题
1.TheParksplantotakethreecruises,oneeachyear.Theywilltaketheirfirstcruise9yearsfromtoday,thesecondcruiseoneyearafterthat,andthethirdcruise11yearsfromtoday.Thetypeofcruisetheywilltakecurrentlycosts$5,000,buttheyexpectinflationwillincreasethiscostby3.5%peryearonaverage.
Theywillcontributetoanaccounttosaveforthesecruisesthatwillearn8%peryear.Whatequalcontributionsmusttheymaketodayandeveryyearuntiltheirfirstcruise(tencontributions)inordertohavesavedenoughforallthreecruisesatthattime?
Theypayforcruiseswhentaken.
2.Acompany’sdividendin1995was$0.88.Overthenexteightyears,thedividendswere$0.91,$0.99,$1.12,$0.95,$1.09,$1.25,$1.42,$1.26.Calculatetheannuallycompoundedgrowthrateofthedividendoverthewholeperiod.
3.Aninvestment(abond)willpay$1,500attheendofeachyearfor25yearsandonthedateofthelastpaymentwillalsomakeaseparatepaymentof$40,000.Ifyourrequiredrateofreturnonthisinvestmentis4%,howmuchwouldyoubewillingtopayforthebondtoday?
4.Abankquotescertificateofdeposit(CD)yieldsbothasannualpercentagerates(APR)withoutcompoundingandasannualpercentageyields(APY)thatincludetheeffectsofmonthlycompounding.A$100,000CDwillpay$110,471.31attheendoftheyear.CalculatetheAPRandAPYthebankisquoting.
5.Aclienthas$202,971.39inanaccountthatearns8%peryear,compoundedmonthly.Theclient’s35thbirthdaywasyesterdayandshewillretirewhentheaccountvalueis$1million.
A.Atwhatagecansheretireifsheputsnomoremoneyintheaccount?
B.Atwhatagecansheretireifsheputs$250/monthintotheaccounteverymonthbeginningonemonthfromtoday?
6.Atretirementnineyearsfromnow,aclientwillhavetheoptionofreceivingalumpsumof£400,000or20annualpaymentsof£40,000withthefirstpaymentmadeatretirement.Whatistheannualratetheclientwouldneedtoearnonaretirementinvestmenttobeindifferentbetweenthetwochoices?
UsethefollowingdatatoanswerQuestions1and1
Assumeaninvestorpurchasesashareofstockfor$50attimet=0,andanothershareat$65attimet=1,andattheendofyear1andyear2,thestockpaida$2.00dividend.Also,attheendofyear2,theinvestorsoldbothsharesfor$70each.
1.Themoney-weightedrateofreturnontheinvestmentis:
A.15.45%.
B.16.73%.
C.18.02%.
2.Thetime-weightedrateofreturnontheinvestmentis:
A.18.27%.
B.20.13%.
C.21.83%.
3WhatisthebankdiscountyieldforaT-billthatissellingfor$99,000,withafacevalueof$100,000,and95daysremaininguntilmaturity?
A.1.51%.
B.3.79%.
C.6.00%.
4.WhatistheholdingperiodyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?
A.1.01%.
B.2.03%.
C.3.79%.
5.WhatistheeffectiveannualyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?
A.3.79%.
B.3.94%.
C.4.50%.
6.WhatisthemoneymarketyieldforaT-billthatissellingfor$99,000ifithasafacevalueof$100,000and95daysremaininguntilmaturity?
A.3.79%.
B.3.83%.
C.3.90%.
7.Whichofthefollowingisleastaccurateregardingabankdiscountyield?
A.Itignorestheopportunitytoearncompoundinterest.
B.Itisbasedonthefacevalueofthebond,notitspurchaseprice.
C.Itreflectsthenonannualizedreturnaninvestorwillearnoverasecurity’slife.
8.A175-dayT-billhasaneffectiveannualyieldof3.80%.Itsmoney-marketyieldisclosestto:
A.1.80%.
B.3.65%.
C.3.71%.
1.AAllisonRogers,CFACFA,makesthefollowingstatement:
“TheproblemswithbankdiscountyieldsquotedforT-billsisthattheyaren’tyields,theyignorecompounding,andtheyarebasedonashortyear.”
A.IIsshecorrectinallregards?
B.Whichoftheseproblemsis/areremediedbyusingtheholdingperiodyield?
C.Whichoftheseproblemsis/areremediedbyusingamoneymarketyield?
D.Whichoftheseproblemsis/areremediedbyusingeffectiveannualyields?
2.L.Adamsbuys1,000sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis$38pershareandhaspaidadividendof$1.50pershare.Adamsreinveststhedividendsinadditionalsharesatthetime.Attheendofthesecondyear,thesharesaretradingfor$37andhavepaid$2dividendsovertheperiod.
L.Burnsbuys500sharesofMorrisToolstockfor$35pershare.Oneyearlaterthestockis$38pershareandhaspaidadividendof$1.50pershare.Burnsreinveststhedividendsinadditionalsharesatthattimeandalsobuys500additionalshares.Attheendofthesecondyear,thesharesaretradingfor$37andhavepaid$2individendsovertheperiod.
A.CComparetheannualtime-weightedreturnsfortheaccountsofthetwoinvestors(nocalculationrequired).
B.CComparetheannualmoney-weightedreturnsfortheaccountsofthetwoinvestors(nocalculationrequired).
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