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Trang 1TCHE 303 – MONEY AND BANKINGTUTORIAL 2
1 Would $175, to be received in exactly one year, be worth more to you today when the interestrate is 15% or when it is 20%?
2 Write down the formula that is used to calculate the yield to maturity on a twenty-year 12%coupon bond with a $1,000 face value that sells for $2,500
3 To help pay for college, you have just taken out a $1,000 government loan that makes you pay$126 per year for 25 years However, you don’t have to start making these payments until yougraduate from college two years from now Why is the yield to maturity necessarily less than12%? (This is the yield to maturity on a normal $1,000 fixed-payment loan on which you pay$126 per year for 25 years.)
4 You are offered two bonds, a one-year U.S Treasury bond with a YTM of 9% and a one-yearUS T-bill with a yield on a discount basis of 8.9% Which would you rather own?
5 A lottery claims its grand prize is $10 million, payable over five years at $2,000,000 per year.If the first payment is made immediately, what is this grand prize really worth? Use an interestrate of 6%.
6 Which $1,000 bond has the higher yield to maturity, a 20-year bond selling for $800 with acurrent yield of 15% or a 1-year bond selling for $800 with a current yield of 5%?
7 Consider a coupon bond that has a $1,000 par value and a coupon rate of 10% The bond iscurrently selling for $1,044.89 and has two years to maturity What is the bond’s yield tomaturity?
8 What is the price of a perpetuity that has a coupon of $50 per year and a yield to maturity of2.5%? If the yield to maturity doubles, what will happen to the perpetuity’s price?
9 Property taxes in a particular district are 4% of the purchase price of a home every year If youjust purchased a $250,000 home, what is the present value of all the future property taxpayments? Assume that the house remains worth $250,000 forever, property tax rates neverchange, and a 6% interest rate is used for discounting.
10 A £1,000-face-value UK Gilt has a 2% coupon rate, its current price is £1,100, and its price isexpected to increase to £1,150 next year Calculate the current yield, the expected rate ofcapital gain, and the expected rate of return.
11 Gianluigi wants to take out a loan, and Banca Mediolanum wants to charge him an annual real12 Interest rate equal to 2% Assuming that the annualized expected rate of inflation over the life
of the loan is 1% in Italy, determine the nominal interest rate that the bank will charge him.What happens if, over the life of the loan, actual inflation is 1.5%?
13 Do bondholders fare better when the yield to maturity increases or when it decreases? Why?14 A financial adviser has just given you the following advice: “Long-term bonds are a great
investment because their interest rate is over 20%.” Is the financial adviser necessarily right?
Trang 215 If mortgage rates rise from 5% to 10% but the expected rate of increase in housing prices risesfrom 2% to 9%, are people more or less likely to buy houses?
16 When is the current yield a good approximation of the yield to maturity?
17 Why would a government choose to issue a perpetuity, which requires payments forever,instead of a terminal loan, such as a fixed-payment loan, discount bond, or coupon bond? 18 Under what conditions will a discount bond have a negative nominal interest rate? Is it possible
for a coupon bond or a perpetuity to have a negative nominal interest rate?
19 True or False: With a discount bond, the return on the bond is equal to the rate of capital gain.
20 If interest rates decline, which would you rather be holding, long-term bonds or short-termbonds? Why? Which type of bond has the greater interest-rate risk?
21 Which would be most affected in the event of an interest rate increase—the price of a five-yearcoupon bond that paid coupons only in years 3, 4, and 5 or the price of a five-year coupon bondthat paid coupons only in years 1, 2, and 3, everything else being equal? Explain.
22 Retired persons often have much of their wealth placed in savings accounts and other bearing investments, and complain whenever interest rates are low Do they have a validcomplaint?
interest-23 Suppose two parties agree that the expected inflation rate for the next year is 3 percent Basedon this, they enter into a loan agreement where the nominal interest rate to be charged is 7percent If the inflation rate for the year turns out to be 2 percent, who gains and who loses? 24 Interest rates were lower in the mid-1980s than in the late 1970s, yet many economists have
commented that real interest rates were actually much higher in the mid-1980s than in the late1970s Does this make sense? Do you think that these economists are right?
25 Currently, German government bonds (or German Bunds, which are widely viewed as theGerman equivalent of U.S Treasury bonds) with a maturity of two years, which pay couponsonce a year, have a negative interest rate of −0.6% Without knowing any other information,and if coupons can never be negative, do you think such bonds will be selling at a premium, atpar, or at a discount?