CFA历年考题以及相关资料 Quiz 14.docVIP

14: Asset Valuation: Debt Investments: Basic Concepts 1.A: Features of Fixed Income Securities Question ID: 13556A 15-year, 9 percent semi-annual coupon bond selling for $1,087 offers a yield of: A. 11%. B. 9%. C. 8%. D. 10%. C 9% X $1,000 = $90$90 / $1,087 = 0.083 = 8%. Question ID: 13588If a bond is quoted at 90, it follows that the bond: A. is yielding 10%. B. can be purchased for $900.00. C. can be purchased for $90. D. is trading at a 10% premium. B The value of a bond (assume $1,000 face value) is normally quoted as a percent of par value (the percent sign is usually dropped) and in 32nds of a dollar. Here, the quote 90 represents 90% of $1,000.00 or $900.00. Question ID: 13582The value of a US Treasury bond quoted at 90.16 is: A. $905.00. B. $901.60. C. $90.16. D. $90.50. A The value of a bond (assume $1,000 face value) is normally quoted as a percent of par value (the percent sign is usually dropped) and in 32nds of a dollar. Here, the quote 90:16 represents 90 and 16/32 percent, or ( 90 + 16/32) = 90.5%, or $905.00. Question ID: 13560A bond has a par value of $5,000 and a coupon rate of 8.5 percent payable semi-annually. The bond is currently trading at 112 5/32. What is the dollar amount of the semi-annual coupon payment? A. $238.33. B. $212.50. C. $476.66. D. $425.00. B The dollar amount of the coupon payment is computed as follows: Coupon in $ = $5,000 x 0.085/2 = $212.50 Question ID: 13579A coupon bond: A. always sells at par. B. can always be converted into a specific number of shares of common stock in the issuing company. C. pays interest on a regular basis (typically semi-annually). D. does not pay intersest on a regular basis, but pays a lump sum at maturity. C This choice accurately describes a coupon bond. With an accrual bond, payments are deferred to maturity and then disbursed along with the par value at maturity. Unlike a normal zero-coupon bond, these issues are sold at (or near) their par values and then the interest accrue