新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Fixed Income Investments":Yield to maturity
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bond currently sells for $96.47, the yield to maturity is closest to:
A. 8.37%.
B. 8.29%.
C. 7.41%.
Questions 2:
Consider bonds that have the same yield to maturity and maturity. The bond with the greatest reinvestment risk is most likely the one selling at:
A. par.
B. a discount.
C. a premium.
View answer resolution
【Answer to question 1】（A）
【analysis】
A security with a present value of 96.47, 19 interest payments of 8, and a 20th payment of principal plus interest (108) has a yield to maturity of 8.37%.
【Answer to question 2】（C）
【analysis】
Yield to maturity is based on the assumption that a bond is held to maturity, does not default, and has its coupon payments reinvested at the yield to maturity. The bond selling at a premium has the highest coupon rate and is expected to earn the most reinvestment income from reinvesting those coupon payments at the yield to maturity. If the reinvestment rate falls, this bond will suffer the greatest loss.
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
學員討論（0）
推薦閱讀
相關資訊
新用戶掃碼下載
京公網安備 11010802044457號
