货币银行 chapter 4课件.pptVIP

True or false;6. if all kinds of bond’s interest rate decrease from8% to 6% in one year’s time, you prefer bonds with longer maturities. 7.compared to the situation in which interest rate is 15% and expected inflation rate is 14%, companies are more willing to borrow funds in the situation in which price is stable and interest rate is 2%. 8.compared to 1-year government bond which yield to maturity is 9.9%, you are more willing to hold 1-year government bond which discount yield is 10%. ;Choose the best answer;;;4.The present value of an expected future payment ________ as the interest rate increases. A) falls B) rises C) is constant D) is unaffected Answer: A 5.If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate is A) 5 percent. B) 10 percent. C) 12.5 percent. D) 15 percent. Answer: B ;6.An increase in the time to the promised future payment ________ the present value of the payment. A) decreases B) increases C) has no effect on D) is irrelevant to Answer: A 7.To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the concept of A) face value. B) par value. C) deflation. D) discounting the future. Answer: D ;8.The interest rate that equates the present value of payments received from a debt instrument with its value today is the A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate. Answer: C 9.Economists consider the ________ to be the most accurate measure of interest rates. A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate. Answer: C ; 10.If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200? A) 9 percent B) 10 percent C) 11 percent D) 12 percent Answer: B 11.A credit market instrument that provides the borrower with an amo