"Fixed Income Investments":the highest rate of return

來源: 正保會計(jì)網(wǎng)校編輯：大耳朵圖圖 2020/09/10 14:47:20　字體：大小

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Questions 1:

Which of the following 90-day money market instruments most likely offers the investor the highest rate of return?

Money Market Instrument	Quoted Rate	Quotation Basis	Day Convention
Instrument A	5.78%	360	Discount rate
Instrument B	5.80%	365	Discount rate
Instrument C	5.96%	365	Add-on rate

A. Instrument C

B. Instrument A

C. Instrument B

Questions 2:

Using the following US Treasury forward rates, the value of a 2?-year $100 par value Treasury bond with a 5% coupon rate is closest to:

Period	Years	Forward Rate
1	0.5	1.20%
2	1	1.80%
3	1.5	2.30%
4	2	2.70%
5	2.5	3.00%

A. $104.87.

B. $106.83.

C. $101.52.

View answer resolution

【Answer to question 1】（A）

【analysis】

Instrument C provides a bond equivalent yield of 5.96%, compared with 5.946% for Instrument A and 5.883% for Instrument B.

【Answer to question 2】（B）

【analysis】

The value of the bond is

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