货币银行 chapter 4PPT课件

• B) future value
• C) interest
• D) deflation
•a
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3.With an interest rate of 6 percent, the present value of $100 next year is approximately
Байду номын сангаасA) $106.
• 3. we can calculate the yield to maturity if we have known coupon rate and price of bond.
• 4.current yield is the most accurate index of interest rate, when economist talk about interest rate, they refer to current yield.
True or false
• 1. a discount bond is bought at a price below its face value and the face value is repaid at the maturity date.
• 2. coupon bond: if p lower than F, yield to maturity lower than coupon rate.
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
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• 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.
• pared 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%.
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• 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
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Choose the best answer
• 1. the present value of security that interest payment is $52.5 next year and $110.25 the second year, interest rate is 5%
• 5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
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• 6. if all kinds of bond’s interest rate decrease from8% to 6% in one year’s time, you prefer bonds with longer maturities.
• pared 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%.
• A $162.5
• B $50
• C $100
• D $150
•d
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2.The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today. A) present value
• 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
B) $100.
C) $94.
D) $92.
c
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• 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