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"Fixed Income":Bond price
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Questions 1:
The market value of an 18-year zero-coupon bond with a maturity value of $1,000 discounted at a 12% annual interest rate with semi-annual compounding is closest to:
A 、$130.04.
B 、$192.86.
C 、$122.74.
Questions 2:
An investor sells a bond at the quoted price of $98.00. In addition, she receives accrued interest of $4.40. The flat price of the bond is equal to the:
A 、par value plus accrued interest.
B、 agreed-on bond price excluding accrued interest.
C、 accrued interest plus the agreed-on bond price.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. The value of a zero-coupon bond is
A is incorrect because it uses the annual discount rate and the maturity in years rather than adjusting the discount rate and maturity for semi-annual periods.
B is incorrect because it uses the semi-annual coupons times the number of years divided by 1.12.
【Answer to question 2】B
【analysis】
B is correct. The agreed-on bond price excluding accrued interest is referred to as the flat price.
A is incorrect because flat price is the agreed-upon bond price excluding accrued interest.
C is incorrect because flat price excludes accrued interest.
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