"Fixed Income":Bond price

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Questions 1:

The market value of an 18-year zero-coupon bond with a maturity value of $1,000 discounted at a 12% annual interest rate with semi-annual compounding is closest to:

A 、$130.04.

B 、$192.86.

C 、$122.74.

Questions 2:

An investor sells a bond at the quoted price of $98.00. In addition, she receives accrued interest of $4.40. The flat price of the bond is equal to the:

A 、par value plus accrued interest.

B、 agreed-on bond price excluding accrued interest.

C、 accrued interest plus the agreed-on bond price.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The value of a zero-coupon bond is

Fixed Income:Bond price

A is incorrect because it uses the annual discount rate and the maturity in years rather than adjusting the discount rate and maturity for semi-annual periods.

B is incorrect because it uses the semi-annual coupons times the number of years divided by 1.12.

【Answer to question 2】B

【analysis】

B is correct. The agreed-on bond price excluding accrued interest is referred to as the flat price.

A is incorrect because flat price is the agreed-upon bond price excluding accrued interest.

C is incorrect because flat price excludes accrued interest.

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