"Fixed Income":Bond price

來源: 正保會計網校編輯：小鞠橘桔 2020/12/10 17:01:24　字體：大小

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:

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

Fixed Income:Bond price

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.

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”。

點擊了解更多CFA考試資訊>>

上一篇："Fixed Income":Yield of bonds

下一篇："Fixed Income":Amortizing collateral