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Chapter 3
What Do Interest Rates Mean and What Is
Their Role in Valuation?
3.1
Single
Choice
1) A loan that
requires the borrower to make the same payment
every period until the maturity
date is
called a
A)
simple loan.
B)
fixed-payment loan.
C) discount loan.
D) same-payment loan.
E) none of the
above.
2) A coupon bond pays the owner of the
bond
A) the
same amount every month until maturity date.
B) a fixed
interest payment every period and repays the face
value at the maturity date.
C) the face value of the
bond plus an interest payment once the maturity
date has been reached.
D) the face value at the maturity date.
E) none of the
above.
3) A bond's future payments are called
its
A) cash
flows.
B)
maturity values.
C) discounted present values.
D) yields to
maturity.
4) A credit market instrument that pays
the owner the face value of the security at the
maturity
date and nothing prior to then
is called a
A)
simple loan.
B)
fixed-payment loan.
C) coupon bond.
D) discount bond.
5)
(I) A simple loan requires the borrower to repay
the principal at the maturity date along with an
interest payment. (II) A discount bond
is bought at a price below its face value, and the
face value
is repaid at the maturity
date.
A) (I) is
true, (II) false.
B) (I) is false, (II) true.
C) Both are true.
D) Both are
false.
6) Which of the following are true of
coupon bonds?
A) The owner of a coupon bond receives
a fixed interest payment every year until the
maturity
date, when the face or par
value is repaid.
B) U.S. Treasury bonds and notes are
examples of coupon bonds.
C) Corporate bonds are examples of
coupon bonds.
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D) All of the above.
E) Only A and B of the
above.
7) Which of the following are generally
true of all bonds?
A)
The
longer
a
bond's
maturity,
the
lower
is
the
rate
of
return
that
occurs
as
a
result
of
the
increase in an interest
rate. B) Even though a bond has a substantial
initial interest rate, its return
can
turn out to be negative if interest rates rise. C)
Prices and returns for long-term bonds are more
volatile than those for shorter-term
bonds.
D) All
of the above are true.
E) Only A and B of the above are true.
8)
(I) A discount bond requires the borrower to repay
the principal at the maturity
date plus
an
interest payment. (II) A coupon bond
pays the lender a fixed interest payment every
year until the
maturity date, when a
specified final amount (face or par value) is
repaid.
A) (I)
is true, (II) false.
B) (I) is false, (II) true.
C) Both are true.
D) Both are
false.
9) If a $$5,000 coupon bond has a coupon
rate of 13 percent, then the coupon payment every
year
is
A) $$650.
B) $$1,300.
C) $$130.
D) $$13.
E) None of the above.
10) An $$8,000
coupon bond with a $$400 annual coupon payment has
a coupon rate of
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 40 percent.
11) The concept of
_________ is based on the common-sense notion that
a dollar paid to you in
the future is
less valuable to you than a dollar today.
A) present
value
B) future
value
C)
interest
D)
deflation
12) Dollars received in the future are
worth _________ than dollars received today. The
process of
calculating what dollars
received in the future are worth today is called
_________
A)
more; discounting.
B) less; discounting.
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C) more; inflating.
D) less; inflating.
13)
The process of calculating what dollars received
in the future are worth today is called
A) calculating
the yield to maturity.
B) discounting the future.
C) compounding the future.
D) compounding
the present.
14) With an interest rate of 5 percent,
the present value of $$100 received one year from
now is
approximately
A) $$100.
B) $$105.
C) $$95.
D) $$90.
15) With an
interest rate of 10 percent, the present value of
a security that pays $$1,100 next year
and $$1,460 four years from now is
approximately
A) $$1,000.
B) $$2,000.
C) $$2,560.
D) $$3,000.
16) With an
interest rate of 8 percent, the present value of
$$100 received one year from now is
approximately
A) $$93.
B) $$96.
C) $$100.
D) $$108.
17) With an interest rate
of 6 percent, the present value of $$100 received
one year from now is
approximately
A) $$106.
B) $$100.
C) $$94.
D) $$92.
18)
The
interest
rate
that
equates
the
present
value
of
the
cash
flow
received
from
a
debt
instrument with its
market price today is the
A) simple interest rate.
B) discount rate.
C) yield to
maturity.
D)
real interest rate.
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19) The interest rate that financial
economists consider to be the most accurate
measure is the
A) current yield.
B) yield to maturity.
C) yield on a
discount basis.
D) coupon rate.
20)
Financial
economists
consider
the
_________
to
be
the
most
accurate
measure
of
interest
rates.
A) simple interest rate
B) discount rate
C) yield to
maturity
D)
real interest rate
21) For a simple loan, the
simple interest rate equals the
A) real interest rate.
B) nominal
interest rate.
C) current yield.
D) yield to maturity.
22) For simple loans, the simple
interest rate is _________ the yield to maturity.
A) greater than
B) less than
C) equal to
D) not
comparable to
23) The yield to maturity of a one-
year, simple loan of $$500 that requires an
interest payment of
$$40 is
A) 5 percent.
B) 8 percent.
C) 12 percent.
D) 12.5 percent.
24)
The yield to maturity of a one-year, simple loan
of $$400 that requires an interest payment of
$$50 is
A) 5 percent.
B) 8 percent.
C) 12 percent.
D) 12.5 percent.
25) A $$10,000,
8 percent coupon bond that sells for $$10,000 has a
yield to maturity of
A) 8 percent.
B) 10 percent.
C) 12 percent.
D) 14 percent.
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26) Which of the following
$$1,000 face value securities has the highest yield
to maturity?
A)
A 5 percent coupon bond selling for $$1,000
B) A 10 percent
coupon bond selling for $$1,000
C) A 12 percent coupon bond
selling for $$1,000
D) A 12 percent coupon bond selling for
$$1,100
27) Which of the following $$1,000 face
value securities has the highest yield to
maturity?
A) A
5 percent coupon bond selling for $$1,000
B) A 10 percent
coupon bond selling for $$1,000
C) A 15 percent coupon bond
selling for $$1,000
D) A 15 percent coupon bond selling for
$$900
28) Which of the following are true for
a coupon bond?
A) When the coupon bond is priced at
its face value, the yield to maturity equals the
coupon rate.
B)
The price of a coupon bond and the yield to
maturity are negatively related.
C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
below
the
par
value.
D) All of the
above are true.
E) Only A and B of the above are true.
29)
Which of the following are true for a coupon bond?
A) When the
coupon bond is priced at its face value, the yield
to maturity equals the coupon rate.
B) The price of a coupon
bond and the yield to maturity are negatively
related.
C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
above
the
par
value.
D) All of the above are
true.
E) Only A
and B of the above are true.
30) Which of
the following are true for a coupon bond?
A) When the
coupon bond is priced at its face value, the yield
to maturity equals the coupon rate.
B) The price of a coupon
bond and the yield to maturity are positively
related.
C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
above
the
par
value.
D) All of the above are
true.
E) Only A
and B of the above are true.
31) A consol
bond is a bond that
A) pays interest annually and its face
value at maturity.
B) pays interest in perpetuity and
never matures.
C) pays no interest but pays face value
at maturity.
D)
rises in value as its yield to maturity rises.
32)
The yield to maturity on a consol bond that pays
$$100 yearly and sells for $$500 is
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A) 5 percent.
B) 10 percent.
C) 12.5 percent.
D) 20 percent.
E) 25 percent.
33) The yield
to maturity on a consol bond that pays $$200 yearly
and sells for $$1000 is
A) 5 percent.
B) 10 percent.
C) 20 percent.
D) 25 percent.
34) A frequently used
approximation for the yield to maturity on a long-
term bond is the
A) coupon rate.
B) current yield.
C) cash flow interest rate.
D) real
interest rate.
35) The current yield on a coupon bond
is the bond's _________ divided by its _________.
A) annual
coupon payment; price
B) annual coupon payment; face value
C) annual
return; price
D) annual return; face value
36)
When a bond's price falls, its yield to maturity
_________ and its current yield _________.
A) falls; falls
B) rises; rises
C) falls; rises
D) rises; falls
37)
The yield to maturity for a one-year discount bond
equals
A) the
increase in price over the year, divided by the
initial price.
B) the increase in price over the year,
divided by the face value.
C) the increase in price over the year,
divided by the interest rate.
D) none of the above.
38)
If a $$10,000 face value discount bond maturing in
one year is selling for $$8,000, then its yield
to maturity is
A) 10 percent.
B) 20 percent.
C) 25 percent.
D) 40 percent.
39) If a
$$10,000 face value discount bond maturing in one
year is selling for $$9,000, then its yield
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