"Fixed Income":Introduction to Fixed-Income Valuation

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Questions 1:

If the annual market discount rate is 6%, the value of a three-year bond that has a 7% coupon rate, has a maturity (par) value of $1,000, and pays interest annually is closest to:

A 、$1,026.73.

B、 $1,049.17.

C、 $973.76.

Questions 2:

Which of the following is most likely a limitation of the yield to maturity measure?

A、It assumes coupon payments can be invested at the yield to maturity.

B、It does not consider the capital gain or loss the investor will realize by holding the bond to maturity.

C、It does not reflect the timing of the cash flows.

View answer resolution

【Answer to question 1】A

【analysis】

Fixed Income:Introduction to Fixed-Income Valuation

B is incorrect because it doubles the number of payments to 6, as if the bond were making semi-annual payments rather than annual.

C is incorrect because the coupon rate and discount rate are reversed.

【Answer to question 2】A

【analysis】

A is correct. Yield to maturity does consider reinvestment income; however, it assumes that the coupon payments can be reinvested at an interest rate equal to the yield to maturity. This is one of the limitations for the yield to maturity measure because the investor is facing reinvestment risk (future interest rates will be less than the yield to maturity at the time the bond is purchased).

B is incorrect because the yield to maturity measure considers not only the coupon income but also any capital gain or loss that the investor will realize by holding the bond to maturity.

C is incorrect because the yield to maturity measure considers the timing of the cash flows. Introduction to Fixed-I

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